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Q5: Which specific legislation empowers the Reserve Bank of India to regulate payment systems, including cheque clearing rules?

A
The Banking Regulation Act, 1949
B
The Payment & Settlement Systems Act, 2007
C
The Negotiable Instruments Act, 1881
D
The Companies Act, 2013
✅ Correct Answer: B
The Payment & Settlement Systems Act, 2007, empowers the RBI regarding payment systems.
While the NI Act deals with legal rights and dishonour, the operational empowerment comes from the 2007 Act.
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