BANKING AFFAIRS

Detailed explanation-1: -Pioneered and developed by National Payments Corporation of India (NPCI), BHIM has been conceived and launched by the Hon’ble Prime Minister of India, Narendra Modi on 30th December 2016 to bring in Financial Inclusion to the nation and a digitally empowered society.

Detailed explanation-2: -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). It is a not-for-profit organisation.

Detailed explanation-3: -i) NPCI (National Payments Corporation of India) is a statutory body under the Ministry of Finance.

Detailed explanation-4: -BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI).

Detailed explanation-5: -Paytm Payments Banks Limited (PPBL) has launched UPI LITE, enabled by National Payments Corporation of India for multiple small-value UPI transactions.