2023 · Q52
Consider the following statements :
Statement IIn India, the RTGS and NEFT payment systems are owned and operated by National ayment Corporation of India.
Statement IINational Payment Corporation of India is an entity promoted by banks.
Which of the following is correct in respect of the above statements?
Indian EconomyBanking and RBI
- ABoth statement I and statement II are correct and statement II is the correct explanation for statement I
- BBoth statement I and statement II are correct and statement II is not the correct explanation for statement I
- CStatement I is correct but statement II is incorrect
- DStatement I is incorrect but statement II is correct
Explanation
Statement I is incorrect: RTGS and NEFT are owned and operated by the Reserve Bank of India; NPCI operates systems like UPI and IMPS, not RTGS/NEFT. Statement II is correct: NPCI is a not-for-profit company promoted by major banks under the aegis of the RBI and the Indian Banks' Association. Hence statement I is incorrect but statement II is correct, option (d).