A "kill switch", proposed by the RBI, would let customers:
- Acancel a new loan within 30 days
- Bblock their account or card at once in an emergency
- Cstop the transactions of a bank that has failed
- Dswitch banks and keep the same account number
Show answer and explanation
Correct answer: (b) block their account or card at once in an emergency
Explanation
A kill switch shuts down or blocks a service at once, for example when a phone or card is stolen. It is at the proposal stage.