BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

What is the full form of UPI?

A	Unified Payment India
B	Unified Payment Interface
C	United Payment India
D	Union Public Interface

Explanation:

Detailed explanation-1: -What is the Full form of UPI? The full form of UPI is the Unified Payments Interface. UPI’s instant real-time payment system helps to transfer cash immediately via a mobile interface between the two bank accounts.

Detailed explanation-2: -This RBI regulated interface, termed as UPI or as UPI full form stands for-Unified Payment Interface allows users to transfer funds instantly using a mobile device.

Detailed explanation-3: -Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.

Detailed explanation-4: -UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform. Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application.

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