- NPCI was indeed an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA). - It was incorporated as a 'Not for Profit' Company under Section 25 of the Companies Act, 1956 (now Section 8 of the Companies Act, 2013) in 2008. - NPCI is the entity that developed and operates major retail payment systems in India, including UPI, RuPay card network, BHIM app, Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AEPS), National Automated Clearing House (NACH), etc. - It functions as the umbrella organisation for operating retail payments and settlement systems in India, overseeing various digital payment mechanisms.
Which of the following statements are correct regarding National Payments Corporation of India (NPCI)? 1. It is an initiative of RBI and Indian Banks Association 2. It was incorporated as a 'Not for Profit' Company in 2008 3. UPI, RuPay Card, and BHIM app are the major products of NPCI 4. This is an umbrella organization to operate Retail Payments and Settlement System in India
Asked in GPSC Prelims CSP 2 2022 · Topic: Money & Banking (Payment Systems in India: Digital Payments, UPI, and Central Bank Digital Currency (CBDC))
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