What is the full form of NPCI which is an umbrella organization for all retail payments system in India?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. National Payments Corporation of India.
- NPCI was founded in 2008.
- Headquarters: Mumbai (Maharashtra)
- The NPCI is a 'not-for-profit' organization registered under section 8 of the Companies Act 2013.
- It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
- It aims to create national standards for business and retail payments across India.