New FLASH SALE Dhamaka - Flat 60% Off on All Courses

    Question

    What initiative by the Reserve Bank of India (RBI) aims

    to enhance digital wallet interoperability in 2024? 
    A Launch of a new digital currency Correct Answer Incorrect Answer
    B Introduction of biometric authentication for banking Correct Answer Incorrect Answer
    C Allowing prepaid payment instruments (PPIs) to link with third-party UPI applications Correct Answer Incorrect Answer
    D Implementation of blockchain technology in financial transactions Correct Answer Incorrect Answer
    E Introduction of a new banking regulation for digital transactions Correct Answer Incorrect Answer

    Solution

    Explanation: The RBI proposed allowing PPIs to link with third-party unified payments interface (UPI) applications to enhance digital wallet interoperability, marking a significant step towards democratizing the digital wallet market and improving transaction convenience for users.

    Practice Next

    Relevant for Exams: