National Payments Corporation of India (NPCI)
Posted on : 08 Feb 2020Views: 718
- NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment and Settlement Infrastructure in India.
- Considering the utility nature of the objects of NPCI, it has been incorporated as a "Not for Profit Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to entire banking system in India for physical as well as electronic payment and settlement systems.
- The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
Article Related Questions
Consider the following statements about National Payments Corporation of India (NPCI)
1.NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
2.It is an initiative of Reserve Bank of India (RBI) and Indian Banks' Association (IBA).
3.Only State Bank of India, Punjab National Bank and Canara Bank are the core promoter banks amongst 10 promoter banks of NPCI.
Which of the statement(s) given above is/are correct?
1.1, 2 and 3
2.1 and 2 only
4.2 and 3 only
Right Ans : 1 and 2 only