In the following question there are two statements marked as Assertion A and Reason R Assertion...........

Economic Affairs Types of Banks and Banking

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In the following question, there are two statements marked as Assertion (A) and Reason (R).

Assertion (A): UPI is a concept that allows multiple bank accounts to get into a single mobile application.
Reason (R): It is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through Eco Sensitive Zones

Select the correct answer using the codes below:

A is correct and R is the appropriate explanation of A.

A is correct but R is not the appropriate explanation of A.

A is correct but R is incorrect.

A is incorrect but R is correct.

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Explanation:

The Reserve Bank of India (RBI) has proposed to make cardless cash withdrawal facility available at all ATMs through the Unified Payment Interface (UPI).

UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform. Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application.
This idea was developed by the National Payments Corporation of India and is controlled by the RBI and IBA (Indian Bank Association).
Nandan Nilekani, NPCI Advisor, assured that the security is fool-proof with UPI as the transaction will happen in a highly encrypted format.

Hence option 1st is correct.