Question

    With reference to the National Payments Corporation of

    India (NPCI), consider the following statements: 1. It is an umbrella organization for all retail payments in India. 2. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA). 3. It headquarter is located at New Delhi. Which of the statements given above is/are correct?
    A Only 1 Correct Answer Incorrect Answer
    B Only 2 Correct Answer Incorrect Answer
    C Only 3 Correct Answer Incorrect Answer
    D Both 1 and 2 Correct Answer Incorrect Answer
    E All of these Correct Answer Incorrect Answer

    Solution

    · National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA). · NPCI Headquarters: Mumbai MD & CEO: Dilip Asbe · RBI recently asked banks, ATM networks, white label ATM operators, and the National Payments Corporation of India (NPCI) to provide the option of interoperable card-less cash withdrawal at cash machines. · The RBI, after its April monetary policy committee meeting, announced the introduction of interoperable card-less cash withdrawal facility across all banks and all ATM networks. · In the circular issued, RBI said the NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks. · Essentially, UPI would be used for customer authorisation in such transactions, while settlement would be through the National Financial Switch (NFS) / ATM networks.

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