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Legal Tender in Economy

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Questions and Answers

What is the primary concern addressed by digital transactions in areas with poor internet connectivity?

Increased usage of mobile wallets

Accessibility of digital payment regulatory bodies

Error-free digital transactions (correct)

Improved internet connectivity

What is the role of the Digital Transactions Ombudsman (DTO)?

To hear customer complaints related to digital transactions (correct)

To regulate digital payment regulatory bodies

To design digital payment systems

To improve internet connectivity in rural areas

How many places across India have senior RBI officials designated as DTO?

15 places

21 places (correct)

25 places

10 places

What is the maximum amount of mental agony compensation that can be ordered by the DTO?

₹ 1 lakh (C) Signup and view all the answers

What is the next step if the customer is not satisfied with the DTO's decision?

Appeal to the Deputy Governor of RBI (D) Signup and view all the answers

What is the jurisdictional limit of the DTO?

₹ 20 lakh (B) Signup and view all the answers

What happens if the matter exceeds the DTO's jurisdictional limit?

The customer approaches the courts (D) Signup and view all the answers

What is the primary responsibility of digital payment regulatory bodies?

To regulate digital transactions (A) Signup and view all the answers

What is the purpose of the RBI designating senior RBI officials as DTO?

To provide a grievance redressal mechanism for customers (B) Signup and view all the answers

What is the scope of the DTO's powers?

Extended to all digital transactions including mobile wallets and apps (B) Signup and view all the answers