NPCI, an organization for operating retail payments and settlement systems, is an initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA) under the provisions of

BANKING GENERAL KNOWLEDGE

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

NPCI, an organization for operating retail payments and settlement systems, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of

A	Securities and Exchange Board of India Act, 1992
B	Banking Regulation Act, 1949
C	Securities Laws (Amendment) Act, 1996
D	Payment and Settlement Systems Act, 2007

Explanation:

Detailed explanation-1: -National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.

Detailed explanation-2: -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-3: -The Bharat Bill Payment System is a Reserve Bank of India (RBI) conceptualised system driven by the NPCI. It is a one-stop ecosystem for payment of all bills, providing an interoperable and accessible “Anytime Anywhere” bill payment service to all customers across India with certainty, reliability and safety.

Detailed explanation-4: -National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.

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