Economics • Banking & FinanceEasy
Which institution operates the 'Unified Payments Interface (UPI)' in India?
A. State Bank of India
B. Reserve Bank of India
C. National Payments Corporation of India (NPCI)✓ Correct Answer
D. Indian Banks' Association (IBA)
💡 Solution & Explanation
The Unified Payments Interface was developed and is operated by the National Payments Corporation of India, an umbrella organization set up by the Reserve Bank of India and the Indian Banks' Association under the Payment and Settlement Systems Act, 2007. Commercial banks like the State Bank of India act as participant payment service providers rather than the system operator.
More Economics Banking & Finance questions
- Examine the structural composition and functions of 'Payments Banks' licensed by the Reserve Bank of India.…
- What is the primary operational mandate of the 'National Bank for Agriculture and Rural Development (NABARD)'?
- What does the term 'Liquidity Adjustment Facility (LAF)' encompass in monetary policy operations?
- What is the primary statutory function of the Deposit Insurance and Credit Guarantee Corporation in the…
- Which institution operates the 'Bharat Bill Payment System' (BBPS) in India to offer interoperable bill…