Q79. Consider the following statements:
- National Payments Corporation of India (NPCI.helps in promoting the financial inclusion in the country.
- NCPI has launched RuPay, a card Payment scheme.
Which of the statements given above is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
The correct answer is Both 1 and 2.
- The National Payments Corporation of India (NPCI)
- It is an umbrella organisation that operates retail payment and settlement systems as well as promotes financial inclusion in India. Hence, Statement 1 is correct.
- It is a joint venture between the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
- It was established under the provisions of the Payment and Settlement Systems Act of 2007, to develop a strong Payment and Settlement Infrastructure in India.
- Some of its initiatives are:
- RuPay
- It is an indigenously developed payment system aimed at meeting the expectations and needs of Indian consumers, banks, and merchants. Hence, Statement 2 is correct.
- Aadhaar-enabled Payment System (AePS) has been introduced to enable access to these funds at the doorstep and drive financial inclusion in India.
- The Unified Payments Interface (UPI) has been referred to as a revolutionary product in the payment system, and Bharat Bill Payment System provides a one-stop bill payment solution for all recurring payments with 200+ Billers across India in the categories of Electricity, Gas, and Water, Telecom, DTH, Loan Repayments, Insurance, FASTag Recharge, Cable, and so on.
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