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Consider the following statements regarding the Digital Payment Systems:
1. UPI is an advanced version of Bharat Bill Payment System (BBPS).
2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).
3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.
Which of the statements given above is/are correct?
- a)1 and 2 only
- b)2 only
- c)2 and 3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding the Digital Payment System...
- The Unified Payments Interface (UPI) is an advanced version of Immediate Payment Service (IMPS)- round–the-clock funds transfer service to make cashless payments faster, easier and smoother. Hence, statement 1 is not correct.
- National Payments Corporation of India (NPCI) launched UPI with 21 member banks in 2016.
- The National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.
- There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. Hence, statement 2 is correct.
- RuPay is an NPCI Operated Payment system.
- It is the first-of-its-kind domestic card payment network of India, with wide acceptance at ATMs, POS devices and e-commerce websites across India.
- The card can also be used for transactions in Singapore, Bhutan, UAE, Bahrain and Saudi Arabia. Hence, statement 3 is correct.
Most Upvoted Answer
Consider the following statements regarding the Digital Payment System...
Statement 1: UPI is an advanced version of Bharat Bill Payment System (BBPS).
This statement is incorrect. UPI (Unified Payments Interface) and BBPS (Bharat Bill Payment System) are two different digital payment systems introduced by the National Payments Corporation of India (NPCI). UPI is a real-time payment system that allows users to link multiple bank accounts and make instant fund transfers using their smartphones. It enables users to make payments to merchants, friends, and family, as well as receive funds. On the other hand, BBPS is a centralized bill payment system that allows users to pay their bills online, such as utility bills, insurance premiums, and more. UPI and BBPS serve different purposes and have distinct functionalities.
Statement 2: There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).
This statement is correct. NEFT (National Electronic Funds Transfer) is a popular electronic funds transfer system in India that allows individuals, firms, and corporates to transfer funds between bank accounts. NEFT operates on a deferred net settlement basis, where transactions are processed in batches at specific intervals throughout the day. However, there are no minimum or maximum limits imposed by the RBI (Reserve Bank of India) for NEFT transactions. This means that users can transfer any amount of funds using NEFT, subject to the availability of sufficient funds in their account.
Statement 3: RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan, and UAE.
This statement is incorrect. RuPay is indeed an NPCI (National Payments Corporation of India) operated payment card, which is widely used in India. It is a domestic card payment network that competes with international payment networks like Visa and Mastercard. However, as of now, RuPay cards are primarily valid only within India and are not widely accepted outside the country. While there have been discussions and efforts to expand the acceptance of RuPay cards globally, currently their validity is limited to transactions within India. Therefore, the statement that RuPay cards have validity in Singapore, Bhutan, and UAE is incorrect.
In conclusion, the correct statements are:
- There is no minimum or maximum limit on the amount of funds that could be transferred using NEFT.
- RuPay is an NPCI operated payment card, but its validity is limited to transactions within India.
This statement is incorrect. UPI (Unified Payments Interface) and BBPS (Bharat Bill Payment System) are two different digital payment systems introduced by the National Payments Corporation of India (NPCI). UPI is a real-time payment system that allows users to link multiple bank accounts and make instant fund transfers using their smartphones. It enables users to make payments to merchants, friends, and family, as well as receive funds. On the other hand, BBPS is a centralized bill payment system that allows users to pay their bills online, such as utility bills, insurance premiums, and more. UPI and BBPS serve different purposes and have distinct functionalities.
Statement 2: There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).
This statement is correct. NEFT (National Electronic Funds Transfer) is a popular electronic funds transfer system in India that allows individuals, firms, and corporates to transfer funds between bank accounts. NEFT operates on a deferred net settlement basis, where transactions are processed in batches at specific intervals throughout the day. However, there are no minimum or maximum limits imposed by the RBI (Reserve Bank of India) for NEFT transactions. This means that users can transfer any amount of funds using NEFT, subject to the availability of sufficient funds in their account.
Statement 3: RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan, and UAE.
This statement is incorrect. RuPay is indeed an NPCI (National Payments Corporation of India) operated payment card, which is widely used in India. It is a domestic card payment network that competes with international payment networks like Visa and Mastercard. However, as of now, RuPay cards are primarily valid only within India and are not widely accepted outside the country. While there have been discussions and efforts to expand the acceptance of RuPay cards globally, currently their validity is limited to transactions within India. Therefore, the statement that RuPay cards have validity in Singapore, Bhutan, and UAE is incorrect.
In conclusion, the correct statements are:
- There is no minimum or maximum limit on the amount of funds that could be transferred using NEFT.
- RuPay is an NPCI operated payment card, but its validity is limited to transactions within India.
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Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements regarding the Digital Payment Systems:1. UPI is an advanced version of Bharat Bill Payment System (BBPS).2. There is no minimum or maximum limit on the amount of funds that could be transferred using National Electronic Funds Transfer (NEFT).3. RuPay is an NPCI operated payment card which also has its validity in Singapore, Bhutan and UAE.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Current Affairs.
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