Consider the following statements:1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.2. NPCI has launched RuPay, a card payment scheme.Which of the statements given above is/are correct ?
✓ Correct answer: c) Both 1 and 2
ExplanationThe National Payments Corporation of India (NPCI) is an umbrella organization established by the Reserve Bank of In- dia (RBI) and the Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007, to create a robust payment and settlement infrastructure in India.Statement 1 is correct: National Payments Corpor-ation of India (NPCI) helps in promoting financial inclusion in the country by providing affordable and accessible digital payment solutions to all sections of society including rural and under- served areas.It supports initiatives like the Unified Payments Interface (UPI), Aadhaar Enabled Payment System (AEPS) and RuPay which enable seamless and low-cost digital transac- tions.Statement 2 is correct: NPCI launched RuPay as India’s first domestic card payment network to reduce dependency on international card networks like Visa and Mastercard.RuPay is UPSC GS Paper-I PYQs 284 widely used in debit cards, credit cards and prepaid cards issued by Indian banks and it supports financial inclusion by offering low-cost payment solutions.The alliances with in
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