Q. NPCI has been set up as an umbrella organization owned and operated by the banks. Which of the following payment systems has been authorized by Reserve Bank of India under NPCI?
1. Immediate Payment System
2. Aadhaar Enabled Payments System
3. Operation of Cheque Truncation System
Select the correct answer using the codes given below:

[A] 1 and 3 only

[B] 2 and 3 only

[C] 1 and 2 only

[D] 1, 2 and 3

Answer: D
Notes:

Explanation: NPCI has been set up as an umbrella organization owned and operated by the banks. NPCI has been authorised by Reserve Bank of India under the PSS Act, 2007 to operate the following Payment Systems:

  • National Financial Switch (NFS).
  • Immediate Payment System (IMPS).
  • Affiliation of RuPay Cards (debit cards/ prepaid cards) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI.
  • National Automatic Clearing House (ACH).
  • Aadhaar Enabled Payments System (AEPS).
  • Operation of Cheque Truncation System.

Source: https://www.npci.org.in/

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