The Reserve Bank of India (RBI) released its document on Payment Systems titled 'Payment Vision 2025' on July 17, 2022. Statement (i) is correct; the document is indeed called Payment Vision 2025. Statement (ii) is correct; the vision document discusses the evolving landscape including the increasing role of Bigtechs and Finetechs in the payment ecosystem. Statement (iii) is incorrect; the document focuses on strengthening the existing payment infrastructure and exploring central bank digital currency (CBDC), not introducing volatile cryptocurrencies like Bitcoin. Statement (iv) is incorrect; the vision document includes initiatives to enable the linkage of Credit Cards with the Unified Payments Interface (UPI), aiming for integration, not delinking. We are looking for statements that are not correct.
The Reserve Bank of India released it's vision on 'Architecture of Digital Finance' in a document for Payment Systems on July 17, 2022. In respect of this, which of the following statements are not correct? (i) This is called Payment Vision 2025 document. (ii) This document includes Bigtechs and Finetechs in payments. (iii) It includes introducing Bitcoin currency. (iv) It delinks Credit Cards with the Unified Payments Interface.
Asked in OPSC CS Prelims 2021 · Topic: Money & Banking (Payment Systems in India: Digital Payments, UPI, and Central Bank Digital Currency (CBDC))
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