CURRENT AFFAIRS

Detailed explanation-1: -NPCI Bharat BillPay Ltd. is a wholly-owned subsidiary of National Payments Corporation of India.

Detailed explanation-2: -National Automated Clearing House (NACH) It operates both NACH Credit and NACH Debit payment systems. NACH credit, like ECS credit, is used for making one-to-many credit transfers towards payment of dividends, interest, salary, pension, distribution of subsidies, etc.

Detailed explanation-3: -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.

Detailed explanation-4: -The Reserve Bank of India last month, in collaboration with the National Payments Corporation of India, launched the Unified Payment Interface (UPI) for feature phone users known as UPI 123Pay.

Detailed explanation-5: -The National Payments Corporation of India (NPCI) may implement its proposed 31 December 2022 deadline to limit the volume cap for the Third-Party UPI App Providers (TPAP). If the NPCI implements its proposal, people cannot make unlimited transactions through Google Pay, PhonePe or other UPI applications.