Rapid revision
Test one fact at a time:open a card, recall the direct answer, then practise it in MCQ format.
If you wanted to know the definitions of terms like Regional Rural Bank, Co-
operative Society and Pisciculture, which statutory act you would refer to?
If Governor of the Bank has completed first term of 3 years, he/she will be eligible for
re-appointment for another term not exceeding
Bank may overlook limitations placed by RBI Act for purchase, sell or discount any
ineligible bill of exchange or promissory note on account of regulating credit in the
interest of
The Bank has decided to print notes of denomination of ₹9000. Who has the
authority to issue advisory for the same?
What is the only exception citing which the Bank may issue excessively soiled
notes?
Bank may levy fees for furnishing credit information to Banking Companies. What
is the upper ceiling for application of such fee?
Who is the Vice Chairperson of the Joint Committee dealing with instrument
jurisdiction matters of the various Financial Regulators?
Which section of the BR Act states that the rates of interest charged by banking
companies shall not be subject to scrutiny by courts?
For a banking company incorporated outside India, what specific item must it
deposit and keep deposited with the RBI under Section 11(2) of BR Act?
Direct Answer
An amount calculated at 20% of its profit for the year from Indian business.
Section 12 of BR Act regulates a bank's capital structure. It mandates that a banking
company's paid-up capital shall not be less than:
What is the maximum commission, brokerage, or discount a banking company can
pay (as a percentage of the issue price) on the sale of its shares under Section 13 of
BR Act?
Under Section 10B of BR Act, a whole-time chairman of a banking company shall
hold office for a maximum period of:
Which section of BR Act gives the RBI the power to "caution or prohibit banking
companies… against entering into any particular transaction or class of transactions"?
Under Section 46(1) of BR Act, if a person wilfully makes a false statement in any
return or balance sheet, they shall be punishable with:
Direct Answer
Imprisonment for a term up to three years, or a fine up to ₹1 crore, or both.
Question: Match the concept in Column I with its corresponding numerical limit
or percentage from the Act in Column II.
Column I (Concept)
Column II (Limit)
Question: Match the recent amendment (2024-2025) in Column I with its primary
implication in Column II.
Column I (Amendment)
Column II (Implication)
An Indian software exporter receives payment in foreign currency but keeps it
in a foreign bank account without repatriation. What FEMA provision is
violated?
RBI revokes a system’s authorization due to repeated settlement failures. The
operator claims, "no prior notice was given." What procedural safeguard
applies?
Direct Answer
Section 7(3) mandates a hearing opportunity before refusal/revocation
A bank fails to meet its settlement obligation, causing a chain failure. The
system provider claims, "it’s solely the bank’s fault." What does the PSS Act
imply?
Direct Answer
Provider must have risk-mitigation mechanisms under Section 21(2)(c)
A major payment app freezes transactions for 12 hours during a festival sale,
affecting 50 million users. Does this constitute "systemic risk" under PSS Act?
Direct Answer
Yes, if disruption impacts monetary policy or payment system stability
A system participant complains the dispute panel took 90 days to issue a ruling,
violating "reasonable time" norms. What does the Act specify?
The "duty to keep documents confidential" under Section 22 of PSS Act is
supplemented by the applicability of:
The term "settlement" under Section 2(n) of PSS Act includes settlement of:
In Form A, the applicant states the payment system will cover "the whole
country" but later operates only in Maharashtra.
What is the consequence under
the Regulations?
A PSS applicant claims in Form A to use "gross settlement" but implements net
settlement post-authorization. How does this affect authorization validity?
Direct Answer
Constitutes breach of condition in Form B;revocation grounds under Regulation 7
After getting authorization, a PSS provider shifts from card-based to UPI-based
processing without informing RBI. What does Regulation 6(3) of PSS act require
it to do?
The RBI seeks to use the security deposit to cover consumer losses from a
provider’s operational failure. Is this permitted under the PSS Regulations?
Direct Answer
No, security deposit is for authorization validity, not consumer compensation