Consider the following statements :
Statement I : In India, the RTGS and NEFT payment systems are owned and operated by National Payment Corporation of India.
Statement II : National Payment Corporation of India is an entity promoted by banks.
Which of the following is correct in respect of the above statements ?
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EPFO EO AO 2023
Both statement I and statement II are correct and statement II is the correct explanation for statement I
Incorrect AnswerBoth statement I and statement II are correct and statement II is not the correct explanation for statement I
Incorrect AnswerStatement I is correct but statement II is incorrect
Incorrect AnswerStatement I is incorrect but statement II is correct
Correct AnswerExplanation:
- Statement I: This statement is incorrect. The RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) payment systems are owned and operated by the Reserve Bank of India, not by the National Payment Corporation of India (NPCI).
- Statement II: This statement is correct. The National Payment Corporation of India is an entity promoted by banks in India, playing a major role in retail payment systems in the country.
- Correct Answer: Statement I is incorrect but statement II is correct