The ___________ conferred upon the Government of India the monopoly of Note Issue bringing to an end note issues of private and Presidency Banks.
Paper Currency Act of 1861
Amongst the earliest issues were those by the
Bank of Hindoostan, the General Bank in Bengal and Behar, and the Bengal Bank
Cheques were introduced by the
Bank of Hindoostan, the first joint stock bank established in 1770.
In 1833, cash credit accounts were added to the__________ ‘s array of credit instruments.
Bank of Bengal
As per____________ , RBI is the designated authority for the regulation and supervision of payment systems under the Act.
Section 3 of the Payment and Settlements Act 2007
Payment System Vision document for every
three years
Since ___________, the Reserve Bank has been continuously bringing out a Payment System Vision document for every three years
1998
MICR were installed in
Mumbai (1986) followed by Chennai, New Delhi (1987) and Calcutta (1989).
cheque truncation system (CTS) was introduced first in
New Delhi in 2008
all the MICR centres have been subsumed into three grid-CTS systems at
New Delhi, Chennai and Mumbai
All the three grids are now integrated into single grid National grid for CTS at
chennai
In the year __________, the first RTGS was introduced in the country which has been upgraded into a new system dedicated to the nation in ________.
2004 and 2013
An important landmark was reached in the journey of these systems with NEFT and RTGS functioning on a 24x7x365 basis from
December 16, 2019, and December 14, 2020, respectively.
NPCI established in
2008
MPCI is an initiative of
Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007,
NPCI, has been incorporated as a “Not for Profit” Company under the provisions of Section
Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013),
Financial Market Infrastructure (FMIs) generally refers to _____
systemically important payment systems, Central Securities Depositories (CSDs), Securities Settlement Systems (SSSs), Central Counter Parties (CCPs), and Trade Repositories (TRs) that facilitate the clearing, settlement, and recording of financial transactions.
To address these risks, the Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities Commissions (IOSCO) have issued a comprehensive set of ____________ principles titled “Principles for Financial Market Infrastructure” (PFMI) published in April 2012.
24
___________ manages and operates the Securities Settlement Systems for the Government securities, both for outright and repo transactions conducted in the secondary market
The Public Debt Office (PDO) of the RBI, Mumbai
___________ also acts as depository for dematerialized government securities.
PDO system
Government securities (outright) are settled using DVP model 3 mechanism on
T+1 basis.
Repos are settled on
T+0 or T+1 basis
____________ also acts as a Trade Repository (TR) for OTC interest rate and forex derivative transactions.
CCIL
However, from ____________ , all the non-CTS clearing houses (ECCS centres) have been migrated to CTS.
September 2020,
