True or false about payment system rules

Exercise and reference answers

Questions

1. Statement is true

   No

   Statement

   A system may run without RBI authorisation.

2. Statement is true

   Yes

   Statement

   New authorisations are perpetual.

3. Statement is true

   Yes

   Statement

   The cooling period runs for one year.

4. Statement is true

   Yes

   Statement

   RBI decides fit and proper status finally.

5. Statement is true

   No

   Statement

   Revaluation reserves count in net-worth.

6. Statement is true

   Yes

   Statement

   An incomplete application is returned.

Instructions

Decide whether each statement is true or false.

Explanation