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Today General Knowledge(GK)
Which Bank approves Open, Cashfree Payments, PayNearby and Fairexpay for Cross-Border Payments?
State Bank of India
Central Bank of India
Reserve Bank of India
Asian Development Bank

Correct Answer : Option (C) - Reserve Bank of India

The Reserve Bank of India (RBI) has approved products of four entities after they tested acceptable under the second cohort of the regulatory sandbox for cross border payments.
In December 2020, the RBI had announced the opening of the second cohort, and had received 27 applications from 26 entities, of which eight entities were selected for the ‘Test Phase’.
Of those eight, four entities – payment solution providers, Cashfree Payments and Fairex Solutions; financial services provider Nearby Technologies,which operates PayNearby, and neo-banking unicorn, Open Financial Technologies - have been found viable within the boundary conditions defined during testing under the regulatory sandbox.
“The aforesaid entities have now exited the second cohort of the regulatory sandbox on ‘Cross-Border Payments’. The products found acceptable under this cohort may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements,” the RBI said in a statement..

Source : Economic Times

Published On : July 23, 2022
Category : Banking