IT in Banking & Finance Flashcards
Har Payment Digital mission
Launched by
RBI
Har Payment Digital mission
Aim
of making every citizen in the country a user of digital payments
as part of
Digital Payments Awareness Week (DPAW) 2023.
The mission is in sync with Payments Vision 2025 of RBl i.e. ‘EPayments for Everyone, Everywhere, Everytime’.
Benefits of Digital Payments
Speed, Safety, Security
Convenience
What is the need for
Digital Payments Awareness Week (DPAW) 2023
The existing Payments Infrastructure has made
Digital Payments AVAILABLE & ACCESSIBLE
but it is necessary to create more AWARENESS to
Increase ACCEPTANCE & Enhance ADOPTION.
RBI Survey of 90,000 respondents :
23 % were not aware of digital payments
35 % were non-users, though aware of digital payments
42 % had used digital payments
Digital Payments Awareness Week (DPAW) 2023
Activities
1) RBI ROs will conduct awareness programmes
2) These will also form a part of Jan Bhagidari events under G20 theme of promoting digital public infrastructure
3) ‘75 Digital Villages’ initiative by RBI - PSOs (Payment System Operators) will adopt 75 villages across India to onboard merchants
‘75 Digital Villages’ initiative by RBI
1) PSOs (Payment System Operators) will adopt 75 villages across India
2) PSOs will conduct 2 camps in each village to onboard merchants & enhance awareness
3) These villages will be distinct from those in the districts covered under
1. DBUs - Digital Banking Units
2. EDDPE - Expanding & Deepening of Digital Payments
3. Aspirational Districts Programme
What is a PSO (Payment System Operator) ?
Payment System Operator is any person
who Operates, Maintains, Facilitates or Sustains
a payment system
involving the use of credit card or any other similar card or system,
which enables payment to be effected
between a payer & a beneficiary.
e.g. NPCI, PhonePe
_______ is a multidisciplinary organisation mandated with investigation of offence of Money Laundering and violations of Foreign Exchange Laws
Directorate of Enforcement (ED)
is responsible for enforcement of PMLA and FEMA 1999
Directorate of Enforcement (ED) was established in the year ______.
1956
The exchange between Virtual Digital Assets and Fiat Currencies,
the exchange between one or more forms of virtual digital assets
and the Transfer of Digital Assets,
the safekeeping and administration of VDA,
the participation in Financial Services related to the Offer and Sale of VDA
will be covered under which Law?
PMLA (Prevention of Money Laundering Act)
____ has been defined as INFORMATION or CODE or NUMBER or TOKEN
generated through Cryptographic means or Otherwise,
and which can be Transferred, Stored or Traded ELECTRONICALLY.
VDA (Virtual Digital Assets)
include Cryptocurrencies and
Non-Fungible Tokens
VDA (Virtual Digital Assets) has been defined in which Act?
Finance Bill has defined VDA in Section 2 clause 47A of the Income Tax Act, 1961.
Crypto Exchanges and Intermediaries dealing with VDA i.e. custodians, wallet providers will now be required to
1) perform ______ of their Clients
2) report _______ to _______
1) perform KYC of their Clients
2) report Suspicious Activity to FIU-IND (under Dept. of Revenue, FinMin)
Difference between ED and FIU-IND
ED: responsible for INVESTIGATING the OFFENCES
FIU-IND (Financial Intelligence Unit - India): responsible for
Receiving, Processing, Analysing, Disseminating INFORMATION
relating to Suspect Financial Transactions
to Enforcement Agencies and Foreign FIUs.
Apart from Banks and Financial Institutions, entities engaged in __________ and _________ sectors as well as _________ are considered ‘Reporting Entities’ under PMLA.
Real Estate
Jewellery
Casinos
