Consider the following statements Statement I In India the RTGS and NEFT payment systems are ow...........

Indian Economy Money and banking

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

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Both statement I and statement II are correct and statement II is the correct explanation for statement I

Both statement I and statement II are correct and statement II is not the correct explanation for statement I

Statement I is correct but statement II is incorrect

Statement I is incorrect but statement II is correct

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Explanation:

- 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