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      Question

      Why has the National Payments Corporation of India

      (NPCI) introduced the UPI-PayNow linkage between India and Singapore?
      A To promote cultural exchange between the two countries Correct Answer Incorrect Answer
      B To launch a new cryptocurrency for cross-border transactions Correct Answer Incorrect Answer
      C To establish a joint venture in the fintech sector Correct Answer Incorrect Answer
      D To facilitate direct remittances and enhance financial inclusion Correct Answer Incorrect Answer

      Solution

      The National Payments Corporation of India (NPCI) has introduced the UPI-PayNow linkage, facilitating direct remittances between India and Singapore. This collaboration, a result of close coordination between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), aims to enhance financial inclusion and convenience in cross-border transactions.

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