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Consider the following statements about National Payments Corporation of India (NPCI):
- It is a for-profit company established by the Indian government.
- It operates the RuPay debit card network.
- It is responsible for developing and managing the Unified Payments Interface (UPI).
How many of the above statements is/are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements about National Payments Corporation ...
- Founded in December 2008, the NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and the Indian Banks’ Association. The organisation is owned by a consortium of major banks, and has been promoted by the country’s central bank, the Reserve Bank of India.
- RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2012.
- NPCI is the brain behind the popular UPI platform, which facilitates instant interbank money transfers using a mobile phone.
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Consider the following statements about National Payments Corporation ...
Correct Statements about National Payments Corporation of India (NPCI)
Statement 1: It is a for-profit company established by the Indian government.
- This statement is incorrect. NPCI is a not-for-profit organization that was established by the Reserve Bank of India (RBI) and Indian Banks' Association (IBA). It was set up in 2008 as an initiative of the RBI and the IBA to centralize and standardize retail payment systems in India.
Statement 2: It operates the RuPay debit card network.
- This statement is correct. NPCI operates the RuPay debit card network, which is an Indian domestic card scheme that competes with international card networks like Visa and Mastercard. RuPay cards are accepted at ATMs, PoS terminals, and e-commerce websites across India.
Statement 3: It is responsible for developing and managing the Unified Payments Interface (UPI).
- This statement is correct. NPCI developed and manages the Unified Payments Interface (UPI), which is a real-time payment system that enables users to transfer money between bank accounts instantly. UPI has gained popularity in India due to its ease of use and convenience.
Conclusion:
- Out of the three statements provided, only the second and third statements are correct. NPCI is a not-for-profit organization, operates the RuPay debit card network, and is responsible for developing and managing the Unified Payments Interface (UPI).
Statement 1: It is a for-profit company established by the Indian government.
- This statement is incorrect. NPCI is a not-for-profit organization that was established by the Reserve Bank of India (RBI) and Indian Banks' Association (IBA). It was set up in 2008 as an initiative of the RBI and the IBA to centralize and standardize retail payment systems in India.
Statement 2: It operates the RuPay debit card network.
- This statement is correct. NPCI operates the RuPay debit card network, which is an Indian domestic card scheme that competes with international card networks like Visa and Mastercard. RuPay cards are accepted at ATMs, PoS terminals, and e-commerce websites across India.
Statement 3: It is responsible for developing and managing the Unified Payments Interface (UPI).
- This statement is correct. NPCI developed and manages the Unified Payments Interface (UPI), which is a real-time payment system that enables users to transfer money between bank accounts instantly. UPI has gained popularity in India due to its ease of use and convenience.
Conclusion:
- Out of the three statements provided, only the second and third statements are correct. NPCI is a not-for-profit organization, operates the RuPay debit card network, and is responsible for developing and managing the Unified Payments Interface (UPI).
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Consider the following statements about National Payments Corporation of India (NPCI): It is a for-profit company established by the Indian government. It operates the RuPay debit card network. It is responsible for developing and managing the Unified Payments Interface (UPI).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements about National Payments Corporation of India (NPCI): It is a for-profit company established by the Indian government. It operates the RuPay debit card network. It is responsible for developing and managing the Unified Payments Interface (UPI).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about National Payments Corporation of India (NPCI): It is a for-profit company established by the Indian government. It operates the RuPay debit card network. It is responsible for developing and managing the Unified Payments Interface (UPI).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about National Payments Corporation of India (NPCI): It is a for-profit company established by the Indian government. It operates the RuPay debit card network. It is responsible for developing and managing the Unified Payments Interface (UPI).How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
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