Consider the following statements :
- 1.National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.
- 2.NPCI has launched RuPay, a card payment scheme.
Which of the statements given above is/are correct ?
Show answer
Answer: C. Statement 1 is correct: NPCI, set up in 2008 under RBI guidance by banks, builds low-cost retail payment systems like IMPS, AEPS and UPI that help bring people into the banking system. Statement 2 is correct: NPCI launched RuPay, India's own card payment network, in 2012. So both 1 and 2.
Watch for: Watch for thinking RuPay is run by RBI or a bank; it is NPCI's product.
Why the other options are wrong
- A. Wrong because NPCI also launched RuPay.
- B. Wrong because NPCI's systems are also aimed at financial inclusion.
- D. Wrong because both statements are true.
Source to check: NPCI official website (npci.org.in), 'About Us' and 'RuPay' pages; RBI Payment Systems Vision documents
Answer from the official UPSC key. Written and fact-checked by AI against the official key. Spotted a mistake? Report it.