Which of the following statements related to National Payment Corporation of India NPCI is are corre...........

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Which of the following statements related to National Payment Corporation of India (NPCI) is/are correct?

1.NPCI has launched Rupay Card that would compete with VISA and Mastercard.

2.Only public banks are the core promoter banks of NPCI.

3.Union Government and RBI Governor has representation in NPCI.

Select the correct answer using the codes given below:

1 only

1 and 2 only

1 and 3 only

All of the above

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Explanation:

- Statement 1 is correct: NPCI launched the RuPay Card to provide an Indian alternative to Visa and Mastercard.

- Statement 2 is incorrect: NPCI was promoted by a consortium of both public and private sector banks, not only public banks.

- Statement 3 is partially correct: RBI is represented on NPCI's board, but the Union Government is not directly represented.

only public sector banks are the core promoter banks of NPCI. While public sector banks were initially the main promoters, the ownership has been broadened to include private sector banks as well.

Initial Promoters:

The National Payments Corporation of India (NPCI) was initially promoted by ten major banks, some of which are public sector banks like State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, and Bank of India.
Inclusion of Private Banks:

Over time, the shareholding was expanded to include private sector banks like HDFC Bank, ICICI Bank, Citibank, and HSBC