CURRENT AFFAIRS

Detailed explanation-1: -NPCI was given the mandate to develop the specifications for card & terminal to support the NCMC ecosystem. Based on the best global practices and dynamics of Indian market, the committee recommended EMV based Open Loop Card with stored value as NCMC.

Detailed explanation-2: -Nandan Nilekani committee of Reserve Bank of India proposed the idea of development of NCMC. The committee recommended that NCMC should include two instruments: a standard debit card that may be used at ATMs and a local wallet.

Detailed explanation-3: -One Nation One Card Yojana:- Prime Minister Modi on 28th Dec has launched its ambitious and innovative plan known as National Common Mobility Card. The facility is now obtainable for some metro Airport Express Line.

Detailed explanation-4: -The National Common Mobility Card (NCMC) is an inter-system transport card that was launched on March 4, 2019.

Detailed explanation-5: -The National Common Mobility Card enables customers to make use of their existing Debit/Credit card for payments across all segments including metro, bus, suburban railways, toll, parking, smart city and retail.