Name the organisation, which an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA).

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Name the organisation, which an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).

A	SBI
B	FATF
C	SEBI
D	NPCI

Explanation:

Detailed explanation-1: -The Reserve Bank encouraged the setting up of National Payments Corporation of India (NPCI) to act as an umbrella organisation for operating various Retail Payment Systems (RPS) in India. NPCI became functional in early 2009.

Detailed explanation-2: -National Payments Corporation of India (NPCI) Thus, NPCI was set up, with guidance and support of RBI and the Indian Banks’ Association (IBA), as an umbrella organisation for retail payments system in India.

Detailed explanation-3: -Indian National Congress is known as ‘Umbrella Organisation’ in Indian Political Party System.

Detailed explanation-4: -The umbrella entity shall be a Company authorised by Reserve Bank of India (RBI) under Section 4 of the PSS Act, 2007. It shall be governed by the provisions of the PSS Act and other relevant statutes and directives, prudential regulations and other guidelines / instructions.

Detailed explanation-5: -An umbrella organization is an association of (often related, industry-specific) institutions who work together formally to coordinate activities and/or pool resources. In business, political, and other environments, it provides resources and often identities to the smaller organizations.

There is 1 question to complete.