RBI Grants Final Prepaid Payment Instrument Issuer License to ZikZuk Technologies
The regulatory approval was processed under the statutory provisions of the Payment and Settlement Systems Act (PSSA), 2007, succeeding the in-principle clearance granted in May 2025.
The country's PPI framework classifies offerings into General Purpose (such as full-KYC and small-limit instruments) and Special Purpose (covering gift vouchers and transit cards used in public transport).
Specific operational variations under the wider framework also accommodate foreign nationals and non-resident Indians visiting India through the UPI One World ecosystem.
Exam Perspective: Understanding the regulatory milestones, structural classifications of PPIs, and the scope of the PSSA, 2007 is critical for evaluating advancements in India's retail payment architecture.
Key Facts / Static GK
The Payment and Settlement Systems Act (PSSA), 2007, designates the RBI as the sole authority to regulate and supervise payment systems within India.
Q Practice Quiz — 25 May 2026
1. Which banking institution registered the highest target achievement of 288% under the Atal Pension Yojana (APY) mobilization campaign during the financial year 2025-26?
Explanation: Among Regional Rural Banks (RRBs), Jharkhand Rajya Gramin Bank recorded the highest performance, achieving 288% of its designated target under the Atal Pension Yojana (APY) in FY 2025-26.
2. Under which statutory legislation did the Reserve Bank of India grant the final Prepaid Payment Instrument (PPI) issuer authorization to ZikZuk Technologies?
Explanation: The Reserve Bank of India (RBI) issued the final operating authorization to ZikZuk Technologies under the regulatory provisions of the Payment and Settlement Systems Act (PSSA), 2007.
3. Which mathematical model is utilized to structure the benchmark of India's first exchange-traded weather derivatives contract 'RAINMUMBAI'?
Explanation: The 'RAINMUMBAI' weather derivatives contract is structured on the Cumulative Deviation Rainfall (CDR) model, which measures actual monsoon rainfall deviation from the historical Long Period Average (LPA).
4. Who has been appointed to chair the newly formed PFRDA committee tasked with exploring new asset classes to maximize returns under the National Pension System (NPS)?
Explanation: The committee established by the Pension Fund Regulatory and Development Authority (PFRDA) to evaluate the addition of new asset classes to improve NPS returns is chaired by Narayan Ramachandran.
5. Which of the following represents the largest infrastructure development approved under India's recent ₹2,600 crore allocation for the Chenab river basin?
Explanation: The Chenab-Beas Link Tunnel Project is the largest among the approved projects, valued at ₹2,352 crore, and features an 8.7-km tunnel constructed in the Lahaul-Spiti region of Himachal Pradesh.
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