New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    What is the next step in dispute resolution if a system

    participant is not satisfied with the decision of the panel as provided under the Payment and Settlement Systems Act?
    A The dispute is referred to an external arbitration agency Correct Answer Incorrect Answer
    B The dispute is resolved through mediation by the regulatory authority Correct Answer Incorrect Answer
    C The dispute is escalated to higher management within the system provider Correct Answer Incorrect Answer
    D The dispute is referred to the Reserve Bank Correct Answer Incorrect Answer
    E The dispute is taken to the court system for resolution Correct Answer Incorrect Answer

    Solution

    Section 24. Settlement of disputes: (3) Where any dispute arises between any system participant and the system provider or between system providers or where any of the system participants is not satisfied with the decision of the panel referred to in sub-section (1), the dispute shall be referred to the Reserve Bank.

    Practice Next