BANK SBI Clerk Mock Test Series 2025 (Pre + Mains) Current Affairs Business and Economy Banking Affairs
Which of the following statements regarding the RBI’s tightened norms for imposing penalties under the PSS Act, 2007 is/are correct?
- RBI has been empowered under Section 30 of the PSS Act, 2007, to impose a penalty not exceeding ₹10 lakh or twice the amount involved in the contravention, whichever is higher.
- The penalty or compounding amount must be paid within 60 days from the date of receipt of the penalty order.
- The new norms aim to consolidate and rationalize enforcement actions by the RBI.
1
Only 1 and 2
2
Only 1 and 3
3
Only 2 and 3
4
Only 3
5
Only 1