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 ?
- (a) 1 only
- (b) 2 only
- (c) Both 1 and 2 ✓ UPSC's answer
- (d) Neither 1 nor 2
Why the answer is (c)
• NPCI (2008), set up by the RBI and IBA, operates retail payment systems — UPI, IMPS, AePS, BHIM, NFS — that bring low-cost digital payments to the unbanked and rural population, advancing financial inclusion (statement 1).
• It launched RuPay in 2012 as India's domestic card scheme, rivalling Visa and Mastercard; RuPay cards were issued to Jan Dhan account holders (statement 2).
• Hence both 1 and 2, option (c).
Why the other options are wrong
- (a) 1 only
- Statement 2 is also correct: NPCI launched RuPay.
- (b) 2 only
- Statement 1 is also correct: NPCI promotes financial inclusion.
- (d) Neither 1 nor 2
- Both statements are correct.
Asked in the GS Paper I of the UPSC Civil Services Preliminary Examination 2017, held on 18 June 2017. Question and answer key: Union Public Service Commission. Explanation: UPSC Answer Check.