Read the following passage and answer the question :

A cashless society describes an economic state where by financial transactions are not  connected with money in the form of physical bank notes or coins but rather through the transfer of digital information between the transaction parties. In India Government has been consistently investing in various reforms for greater financial inclusion. During the least few year an initiatives such as Jan Dhan accounts, Adhar enabled payment system, e-wallets, National Financial switch and others have strengthened the Government resolve to go cashless. Today, financial inclusion is seen as a realistic dream.

Which among the following institutions is responsible for Governing the cashless transactions ?

Central Bank (RBI)

The correct answer is option (1) : Central Bank (RBI)

• The passage mentions the government's initiatives for cashless transactions, but the question focuses on the governing body.
• Commercial banks (SBI), regional rural banks (RRBs), and foreign banks are all institutions that can facilitate cashless transactions, but they don't govern them.
• The Central Bank, in this case, the Reserve Bank of India (RBI), is responsible for formulating and implementing monetary policy, which includes overseeing and regulating the cashless payment system in India.