Consider the following statements 1 National Payments Corporation of India NPCI helps in promoting f...........

Economic and Social Issues Liberalization, Privatization and Globalisation

Download Solution PDF

Consider the following statements:

1. National Payments Corporation of India (NPCI) helps in promoting financial inclusion in the country.

2. NPCI has launched RuPay, a card payment scheme.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

छोटे Courses बड़े Results

Master Liberalization, Privatization and Globalisation

Prepare through Micro-courses

Try Now

Explanation:

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).

The core objective is to provide nation-wide uniform and standard business process for all retail payment systems. It aims to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion. So, statement 1 is correct.

It offers many products and services which include RuPay card, BHIM app, Unified payment interface among others. Statement 2 is correct.