Which of the following payment systems was launched by the National Payments Corporation of India (NPCI) in 2016 ?
Unified Payments Interface (UPI)
The National Payments Corporation of India, promoted by the RBI and the Indian Banks’ Association, operates India’s retail payment and settlement systems.
Unified Payments Interface (UPI) was launched by NPCI in April 2016 (pilot launch on 11 April 2016 by RBI Governor Raghuram Rajan, public roll-out in August 2016). It is a real-time payment system that links multiple bank accounts to one mobile application using a virtual payment address.
Immediate Payment Service (IMPS) was launched in 2010, and National Automated Clearing House (NACH), the bulk-payment clearing system, first went live in December 2012, well before 2016.
Bharat Interface for Money (BHIM), released in December 2016, is a mobile app that runs on the UPI platform; it is a payment application built on UPI rather than a separate payment system.
Unified Payments Interface (UPI) option is correct.
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Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
