CURRENT AFFAIRS

Detailed explanation-1: -Which e-commerce site has partnered with National Payments Corporation of India (NPCI), to enable doorstep digital payments? Notes: E-commerce platform Snapdeal has partnered with National Payments Corporation of India (NPCI) to allow buyers to make digital payments at the time delivery.

Detailed explanation-2: -RuPay. RuPay is an Indigenously developed Payment System – designed to meet the expectation and needs of the Indian consumer, banks and merchant eco-system. RuPay supports the issuance of debit, credit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.

Detailed explanation-3: -Unified Payments Interface (UPI)

Detailed explanation-4: -NPCI is the National Payments Corporation of India. It is set up by the Reserve Bank of India (RBI) and Indian Banks’s Association (IBA) under the provisions of the Payments and Settlement Systems Act, 2007. It is a non-profit organization created to operate retail payments and settlement systems in India.

Detailed explanation-5: -National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.