New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    Consider the following statements about the NPCI's

    global initiatives: I. NPCI's collaboration with Namibia aims to replicate the UPI system. II. This is NPCI's first international collaboration. III. The collaboration is intended to enhance Namibia's financial technology landscape. Which of the statements is/are correct?
    A I only Correct Answer Incorrect Answer
    B I and III only Correct Answer Incorrect Answer
    C II only Correct Answer Incorrect Answer
    D III only Correct Answer Incorrect Answer
    E All are correct Correct Answer Incorrect Answer

    Solution

    Statements I and III are correct. Statement II is incorrect as NPCI has engaged in other international collaborations. • NPCI International Payments Ltd. (NIPL), the international division of the National Payments Corporation of India (NPCI), has entered into an agreement with the Bank of Namibia to assist in developing an instant payment system similar to India's Unified Payment Interface (UPI) for Namibia. • This partnership aims to modernize Namibia's financial ecosystem by leveraging the technology and expertise developed through India's UPI system. • Such international collaborations highlight the expansion of Indian digital payment systems globally, it underscores India’s role in influencing global financial technology and cooperation. Learn Along: About NPCI • 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. • MD & CEO: Mr. Dilip Asbe

    Practice Next

    Relevant for Exams: