Question 79
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?
AOptions
BSolution
Let's examine both statements regarding the National Payments Corporation of India (NPCI):
1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country. This statement is correct. NPCI was established in 2008 as an umbrella organization for operating retail payments and settlement systems in India. Its various initiatives, such as the Aadhaar Enabled Payment System (AePS), Unified Payments Interface (UPI), and RuPay, have played a crucial role in enabling easier access to digital payment services for a large segment of the population, including those in rural and underserved areas, thereby significantly promoting financial inclusion.
2. NPCI has launched RuPay, a card payment scheme. This statement is correct. RuPay is India's indigenous card payment network, launched by NPCI in 2012. It was developed to provide an alternative to international payment networks (like Visa and MasterCard), reduce transactional costs, and promote domestic card usage, fitting well with the broader goal of financial inclusion and self-reliance in the payments ecosystem.
Since both statements are accurate, the correct option is C.
CStrategy
When dealing with organizations and their initiatives, remember their primary mandate and key contributions. For bodies like NPCI, connecting their activities to broader national goals (like financial inclusion, digital India) is often a correct approach. Also, be aware of specific products or schemes launched by such organizations.
DSyllabus Analysis
This question falls under the Indian Economy and Current Events, specifically concerning banking, financial systems, and digital initiatives related to financial inclusion.
EQuestion Analysis
Easy. NPCI and RuPay are commonly discussed entities in the context of India's digital payments landscape and financial inclusion efforts, making this a relatively simple question for those following current affairs and economic developments.