Payment systems bingo

Exercise and reference answers

Clues and terms

1. Clue

   The 2007 law under which payment systems are authorised.

   Item

   PSS Act

2. Clue

   Basis on which authorisation stays available.

   Item

   On-tap

3. Clue

   Validity given to a new entity's authorisation.

   Item

   Perpetual

4. Clue

   RBI's test of integrity for entities and promoters.

   Item

   Fit and proper

5. Clue

   Body listing jurisdictions weak on money laundering.

   Item

   FATF

6. Clue

   Account whose balance and liabilities the auditor certifies.

   Item

   Escrow

7. Clue

   One year with no fresh application allowed.

   Item

   Cooling period

8. Clue

   RBI department that receives surrender requests.

   Item

   DPSS

9. Clue

   Counted among liabilities to customers.

   Item

   Chargebacks

Instructions

Read each clue and tap the term it describes.

Explanation