Q. Consider the following statements with respect to “National Payments Corporation of India (NPCI)”:
1. It is an initiative of RBI and Indian Banks’ Association (IBA).
2. It has launched RuPay, a card payment scheme.
Which of the statements given above is/are correct?
Answer: C
Notes:
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in
India.
- NPCI launched RuPay is an indigenously developed Payment System – designed to meet the expectation and needs of the Indian consumer, banks and merchant eco-system.
- RuPay supports the issuance of debit, credit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.
Source: NPCI
