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Consider the following statements:
1. National Payments Corporation of India (NPCI) is a joint initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
2. Unified Payment Interface (UPI) is the biggest among the NPCI operated systems.
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
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements:1. National Payments Corporation of ...
Association (IBA).
2. NPCI is responsible for the development and management of payment systems in India.

Both statements are true.
Free Test
Community Answer
Consider the following statements:1. National Payments Corporation of ...
National Payments Corporation of India (NPCI)
  • It is 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. Hence, statement 1 is correct.
    • It is a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
  • Unified Payment Interface (UPI) is currently the biggest among the NPCI operated systems including National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay etc. Hence, statement 2 is correct.
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Consider the following statements:1. National Payments Corporation of India (NPCI) is a joint initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).2. Unified Payment Interface (UPI) is the biggest among the NPCI operated systems.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
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