Economics • Banking & FinanceEasy
What is the primary role of the 'National Payments Corporation of India' (NPCI)?
A. To formulate fiscal policy guidelines for public sector banks
B. To act as an umbrella organization for operating retail payments and settlement systems across India✓ Correct Answer
C. To regulate foreign exchange reserves and exchange rate parities
D. To supervise cooperative credit societies in rural districts
💡 Solution & Explanation
The National Payments Corporation of India acts as an umbrella organization for operating retail payment and settlement systems across the country under guidance from the central bank. Established by the Reserve Bank of India and Indian Banks Association, it manages robust public digital platforms like UPI, IMPS, and RuPay cards. NPCI has fundamentally revolutionized the financial inclusion landscape by scaling secure digital transactions nationwide.
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