Consider the following statements:
- National Payments 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?
[UPSC Civil Services Exam – 2017 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither1 nor 2
- The National Payments Corporation of India (NPCI) serves as a central organization responsible for managing retail payments and settlement systems, with the aim of fostering financial inclusion throughout India.
- It is a joint effort by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
- Established under the Payment and Settlement Systems Act of 2007, the NPCI aims to develop a resilient infrastructure for efficient payment and settlement processes in the country.