Question

Q. Which of the following statements is/are correct about the National Payment Corporation of India (NPCI)?

Select the correct code from the options given below:

• A. 1 only
• B. 1 and 3 only
• C. 1 and 2 only
• D. 1, 2 and 3

Answer 1

The correct option is A 1 only

Explanation:

• Statement 1 is correct. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India.
• Statement 2 and 3 are incorrect. It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.