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    Question

    Which of the following is correct about National Payments Corporation of India (NPCI)?

    A It is an initiative taken by the Reserve Bank of India (RBI) and Indian Bank’s Association (IBA). Correct Answer Incorrect Answer
    B It established to operate the retail payments and settlement systems in India. Correct Answer Incorrect Answer
    C It was founded in the year 2008 under the Payment and Settlement Systems Act, 2007. Correct Answer Incorrect Answer
    D It has been incorporated as a ‘not for profit’ company under section 8 of Companies Act 2013. Correct Answer Incorrect Answer
    E All are correct Correct Answer Incorrect Answer

    Solution

    The National Payments Corporation of India (NPCI) is an initiative taken by the Reserve Bank of India (RBI) and Indian Bank’s Association (IBA) to operate the retail payments and settlement systems in India. This organisation was founded in the year 2008 under the Payment and Settlement Systems Act, 2007. NPCI has been incorporated as a ‘not for profit’ company under section 8 of Companies Act 2013.

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