Multiple choice

Under the provisions of which of the following Acts, can RBI fix service charges on various payments or settlement services?

  1. Section 22, RBI Act

  2. Section 35A, BR Regulation Act

  3. Section 18, Payment and Settlement Act 2007

  4. Section 12, Prevention of Money Laundering Act

  5. Section 23, RBI Act
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B Correct answer
Explanation

Section 35A of the Banking Regulation Act, 1949 empowers RBI to regulate charges levied by banks on various payment and settlement services. This section allows the central bank to fix service charges to ensure reasonableness and prevent excessive charges in payment systems.

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