Banking & Finance MCQs

While the framework aims for long-term stability, it necessitates increased investment in technology and training, which may lead to higher operational costs in the short to medium term, rather than reducing them.

The framework mandates increased investment in cybersecurity training for all levels of bank employees.

The framework mandates the implementation of advanced threat intelligence platforms for proactive detection of cyber threats.

The Reserve Bank of India (RBI) is the central banking institution responsible for regulating the banking sector in India and released the enhanced Cyber Resilience Framework.

By making payments more seamless and accessible, enhanced interoperability is expected to drive further adoption of digital payments and contribute to the formalization of the economy.

Enhanced interoperability allows consumers to transfer funds easily between different platforms and accounts, offering greater convenience and choice.

The guidelines aim to broaden interoperability across various digital payment channels, including UPI, card networks, and mobile wallets, where feasible.

The Reserve Bank of India (RBI) is the central bank that regulates and promotes interoperability in payment systems in India.

Interoperability means that different payment systems can communicate and function together, allowing for smooth transfers between them.

The FI-Index is a comprehensive measure that includes access to financial services, the quality of these services, and the level of financial literacy among the population.