NPCI is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA). What does NPCI stand for

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

NPCI is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). What does NPCI stand for

A	National Payments Corporation of Industry
B	National Payments Council of India
C	Nominal Payments Corporation of India
D	National Payments Corporation of India

Explanation:

Detailed explanation-1: -The National Payments Corporation of India (NPCI) is an initiative taken by the Reserve Bank of India (RBI) and Indian Bank’s Association (IBA) to operate the retail payments and settlement systems in India. This organisation was founded in the year 2008 under the Payment and Settlement Systems Act, 2007.

Detailed explanation-2: -It is an umbrella organization for operating retail payments and settlement systems in India. NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The main aim of NPCI is creating a robust Payment & Settlement Infrastructure in India.

Detailed explanation-3: -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-4: -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-5: -NPCI is owned by a consortium of major banks in India. NPCI was established by the RBI and Indian Banks Association (IBA). The National Payment Corporation of India (NPCI) is promoted by the Reserve Bank of India (RBI).

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