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    Question

    Consider the following statements regarding the National Payments Corporation of India (NPCI):

    1. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association      

    2. RuPay card payment scheme was launched by the NPCI.

    3. NPCI provides online transaction routing, processing and settlement services to members participating in UPI.

    Which of the statements given above is/are correct?

    A 1 and 2 only Correct Answer Incorrect Answer
    B 1 and 3 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1, 2 and 3 Correct Answer Incorrect Answer
    E 3 only Correct Answer Incorrect Answer

    Solution

    National Payments Corporation of India (NPCI), 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, for creating a robust Payment & Settlement Infrastructure in India.

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