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Question

National Payments Corporation of India (NPCI) was founded in the year 2008 under which of the following act?

A Companies Act, 2013 Correct Answer Incorrect Answer
B Banking Regulation Act, 1949. Correct Answer Incorrect Answer
C RBI Act of 1935 Correct Answer Incorrect Answer
D Payment and Settlement Systems Act, 2007 Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

  • National Payments Corporation of India (NPCI) is an initiative taken by the Reserve Bank of India (RBI) and Indian Bank’s Association (IBA).
  • This organisation was founded in the year 2008 under the Payment and Settlement Systems Act, 2007.
  • NPCI has been incorporated as a ‘not for profit’ company under section 8 of Companies Act 2013.

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