Economics • Banking & FinanceEasy
Which organization in India operates the Unified Payments Interface (UPI) and the Immediate Payment Service (IMPS)?
A. Reserve Bank of India
B. National Payments Corporation of India✓ Correct Answer
C. State Bank of India Consortium
D. Telecom Regulatory Authority of India
💡 Solution & Explanation
The National Payments Corporation of India is an umbrella organization established by the Reserve Bank of India and the Indian Banks' Association under the Payment and Settlement Systems Act of 2007 to manage retail payment networks like UPI and IMPS. Regulatory bodies such as TRAI oversee telecommunications rather than core banking infrastructure.
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