Consider the following statements:National Payment Corporation of India (NPCI) helps in promoting th

Question

Consider the following statements:National Payment Corporation of India (NPCI) helps in promoting the financial inclusion in the country.NPCI has launched RuPay, a card payment scheme.Which of the statements given above is/are correct?

Accepted Answer

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 was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems.The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion. Thus, statement 1 is correct.It offers many products and services which include RuPay card, BHIM app, Unified Payment Interface among others. Thus, statement 2 is correct.