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Question

Consider the following statements:
1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.
2. NCPI has launched RuPay, a card Payment scheme.

Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Answer:

C

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Explanation:

Statement 1 is correct. NPCI is an organization established by the Reserve Bank of India (RBI) with the objective of creating a robust payment and settlement infrastructure in the country. It aims to promote digital transactions and ensure financial inclusion by providing accessible and affordable payment services to all segments of the population.

Statement 2 is correct. RuPay is a domestic card payment scheme launched by NPCI. It provides an alternative to international card schemes like Visa and Mastercard. RuPay cards are accepted at most ATMs, PoS terminals, and online platforms in India, promoting the use of electronic payments and reducing dependency on international payment systems.

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