With reference to the Geo tagging of payment system touch points consider the following statements I...........

Economic Affairs Types of Banks and Banking

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With reference to the Geo-tagging of payment system touch points, consider the following statements

It will enable proper monitoring of availability of payment acceptance infrastructure like Points of Sale (PoS) terminals, Quick Response (QR) codes.
It was released by SEBI.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

The Reserve Bank of India (RBI) released a framework for geo-tagging of payment system touch points, issuing instructions to bank and non bank payment system operators to maintain and submit to it the geographical locations of their touch points on a regular basis.

Geo-tagging of payment system touch points will enable proper monitoring of availability of payment acceptance infrastructure like Points of Sale (PoS) terminals, Quick Response (QR) codes.
In turn, such monitoring will support policy intervention to optimise distribution of payment infrastructure.
The payments ecosystem in India had witnessed rapid developments with a bouquet of payment systems, platforms, products and services available for consumers.

Hence only statement 1st is correct.