Economics • Banking & FinanceEasy
Which institution operates the 'Unified Payments Interface (UPI)' infrastructure in India?
A. Reserve Bank of India
B. National Payments Corporation of India (NPCI)✓ Correct Answer
C. State Bank of India
D. Telecom Regulatory Authority of India
💡 Solution & Explanation
The National Payments Corporation of India acts as the umbrella organization operating retail payment systems, having developed the Unified Payments Interface in collaboration with the Reserve Bank of India. Other entities like the Telecom Regulatory Authority of India manage telecommunications policies rather than banking payment rails. NPCI operates the Immediate Payment Service and Bharat Bill Payment System.
More Economics Banking & Finance questions
- What is the primary function of the 'National Payments Corporation of India' in the country's financial…
- Which institution acts as the regulator for Regional Rural Banks (RRBs) in India?
- Analyze the mechanics of the Liquidity Coverage Ratio introduced under Basel III guidelines. What does this…
- Which of the following defines 'Statutory Liquidity Ratio (SLR)'?
- Which institution operates the 'Unified Payments Interface (UPI)' in India?