2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Recently, which of the following private sector bank has joined the Unified Payments Interface (UPI)
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Yes Bank and Times Bank
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IDBI Bank and YES Bank
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HDFC Bank and IDFC Bank
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YES Bank and Kotak Mahindra Bank
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Explanation:
Detailed explanation-1: -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-2: -NIPL (NPCI International Payments Limited), which deploys the RuPay and UPI payment systems outside India, is forging partnerships with countries like Singapore, UAE, Malaysia, France, BENELUX markets – Belgium, the Netherlands and Luxembourg – and Switzerland, among others, to use India’s payment systems.
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