Consider the following statements regarding the RBI's new initiative: 1. It mandates Additional Factor Authentication (AFA) for all cross-border Card Not Present (CNP) transactions. 2. It aims to reduce fraud and enhance the security of international transactions using Indian cards. 3. It aligns with RBI's Payments Vision 2025 for a secure and efficient payment ecosystem. Mark the correct statement from the above using the codes given below:
All 1, 2 and 3
Why in the News?
"RBI Introduces Additional Factor Authentication for Cross-Border Card Transactions to Boost Digital Payment Security”
Statement 1: correct
The RBI mandates Additional Factor Authentication (AFA) for all cross-border Card Not Present (CNP) transactions. This measure ensures that international transactions made using Indian-issued cards meet the same security standards as domestic transactions, reducing the risk of fraud.
Statement 2: correct
The RBI's initiative aims to enhance the security of international transactions involving Indian-issued cards. By implementing AFA, it seeks to reduce fraud, providing an added layer of protection and ensuring safer, more reliable cross-border card payments.
Statement 3: correct
This initiative aligns with the RBI's Payments Vision 2025, which focuses on creating a secure, robust, and efficient payment ecosystem. The AFA requirement for cross-border CNP transactions is a key step toward realizing these long-term goals for digital payment security.
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Important Questions from RBI
Which of the following statements is/are correct regarding the Monetary Policy Committee (MPC)?
1. It decides the RBI's benchmark interest rates.
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3. It functions under the chairmanship of the Union Finance Minister.
Select the correct answer using the code given below:
The terms ‘Marginal Standing Facility Rate’ and ‘Net Demand and Time Liabilities’, sometimes appearing in news, are used in relation to
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(3) To prevent commercial banks from making excessive profits
(4) To force the banks to have sufficient vault cash to meet their day-to-day requirements
Select the correct answer using the code given below.
If the interest rate is decreased in an economy, it will
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