Explanation:

- Option 1: NPCI (National Payments Corporation of India) – Correct Answer

- Set up in 2007, NPCI is the main payment systems regulator in India. It’s behind UPI, RuPay cards, and a bunch of other payment rails that power digital transactions all over India.

- Option 2: CCIL (Clearing Corporation of India Limited)

- CCIL deals with clearing and settlement for trades in government securities, money, and forex markets, but it’s not the payment regulator.

- Option 3: Paytm

- This is actually a digital payments company, not a government regulator or institution.

- Option 4: BBPS (Bharat Bill Payment System)

- BBPS is a bill payments platform developed by NPCI, but it’s not a regulator—it’s just a product.

- Option 5: None of the above

- Not correct, since option 1 is actually the payment regulator formed in 2007.