Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations


Q.  What is a “Payment Obligation”?

a. ontractual obligations of bank to pay an amount owed to another bank
b. contractual obligations of a Person to pay an amount owed to another
c. obligations of a Person to pay an amount distributed in a group
d. none of the above


ANSWER: See Answer
 
“Payment obligation” is defined as what is owed by one participant in a payment system to another such participant which results from clearing or settlement or payment instructions relating to funds, securities or foreign exchange or derivatives or other transactions.
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