PU-MET : Panjab University MBA Entrance Exam with MCQ Answers 2024

Practice Mode:
64.

Which organization developed the UPI system ?

A: Reserve Bank of India (RBI)
B: National Payments Corporation of India (NPCI)
C: Securities and Exchange Board of India (SEBI)
D: Indian Bank's Association (IBA)

The answer is: B

<< Previous Question
Next Question >>

Explanation

The correct option is B: National Payments Corporation of India (NPCI).

The Unified Payments Interface (UPI) system was developed by the National Payments Corporation of India (NPCI). NPCI is an umbrella organization for operating retail payments and settlement systems in India. UPI is a real-time payment system that enables instant money transfers between bank accounts using a mobile device. It has revolutionized digital payments in India by providing a seamless and secure platform for transactions.