Consider the following statements:
- National Payments Corporation of India (NPCI) helps in promoting financial inclusion in the country.
- NPCI has launched RuPay, a card payment scheme.
Which of the statements given above is/are correct?
Detailed Explanation:
Answer: Option 3 — Both 1 and 2
The National Payments Corporation of India (NPCI) is an umbrella organization established to promote retail payments and financial inclusion by developing payment infrastructure and enabling wider participation in the digital payments ecosystem. Both statements correctly describe NPCI's role and initiatives.
✅ Statement 1 – Correct: NPCI promotes financial inclusion by developing innovative payment systems like UPI, IMPS, and RuPay, which enable affordable and accessible digital payment solutions for all segments of society, including the unbanked and underbanked populations.
✅ Statement 2 – Correct: NPCI launched RuPay in 2012 as India's domestic card payment network to provide an alternative to international schemes like Visa and Mastercard, thereby reducing transaction costs and promoting indigenous payment infrastructure.
Question 11 of 13 Digital Banking and Payment Systems
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