Consider the following with regard to the Unified Payments Interface UPI It has been built by Nation...........

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Consider the following with regard to the Unified Payments Interface (UPI).

It has been built by National Payments Corporation of India (NPCI).
It is outside the regulation window of the Reserve Bank of India (RBI).
It facilitates instant fund transfer between two bank accounts on mobile platform using unique virtual address.
A SWIFT code is mandatory for routing UPI payments.

Select the correct answer using the codes below.

1, 3 and 4 only

1 and 3 only

1, 2 and 3 only

2 and 4 only

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Explanation:

Statement 1, 2 and 3: UPI is a payments protocol built by government-backed NPCI and regulated by the RBI. It facilitates fund transfer without putting details of card details, net banking, IFSC code, wallet password etc.

Statement 4: SWIFT code is used for international banking transactions. It is not mandatory for domestic transactions.