CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI), under powers from the Payment and Settlement Systems Act, 2007, has endeavoured to ensure that India has ‘state-of-the-art’ payment and settlement systems that are not just safe and secure, but are also efficient, fast and affordable.

Detailed explanation-2: -The Payments Vision 2021 had envisaged empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable, and had set four goalposts of Competition, Cost, Convenience and Confidence.

Detailed explanation-3: -About NPCI Bharat BillPay Ltd. NPCI Bharat BillPay Ltd. is a wholly-owned subsidiary of National Payments Corporation of India.

Detailed explanation-4: -The Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.

Detailed explanation-5: -UPI: Revolutionizing Digital Payments UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). It powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments into one hood.