Home › IBPS RRB › Banking Awareness › Payment Systems › A person declared insolvent and not discharged is:
A person declared insolvent and not discharged is:
ADisqualified as fit and proper
BAccepted with conditions
CGiven one year to comply
DAsked for a bank guarantee
Answer & Solution
Correct answer: A. Disqualified as fit and proper
1. Undischarged insolvency is listed among the disqualifications.
2. Such a person cannot pass the fit and proper test.
3. So they are disqualified.
_Source: RBI Master Directions on Authorisation to operate a Payment System._
Related questions
A takeover or acquisition of control of a non-bank PSO requires RBI's:Applicants can find guidance in the DPSS FAQs and the RBI website's:New entities set up by promoters of a refused or revoked PSO:A cooling period may follow when a CoA is revoked, surrendered, or an application is:While extinguishing liabilities, the PSO reports progress to RBI:The public notice of closure must appear in English, Hindi and a vernacular language on hoThe Memorandum of Procedure sets out the process and ___ for repaying liabilities.The escrow account statement in a surrender request is certified by the: