SafexPay Compliance Interview Questions and Answers

RBI requires Prepaid Payment Instruments (PPIs) to be issued only after obtaining prior approval from them.

• RBI mandates that all PPIs must be approved by them before issuance

• This is to ensure that PPIs are not misused for money laundering or other illegal activities

• PPI issuers must comply with RBI's guidelines and regulations

• Failure to comply with RBI's requirements can result in penalties or revocation of license

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Compliance ensures adherence to laws, regulations, and ethical standards.

• Compliance helps prevent legal and financial penalties.

• It promotes ethical behavior and protects the reputation of the organization.

• It ensures the safety and well-being of employees and customers.

• Non-compliance can lead to loss of business and damage to the brand.

• Examples include HIPAA regulations in healthcare and GDPR in data privacy.