Question

RuPay has been launched by
1. National Securities Depository Limited
2. National Payments Corporation of India
3. Central Depository Services Limited
4. Reserve Bank of India

Answer 1

Correct Answer - Option 2 : National Payments Corporation of India

The correct answer is ​the National Payments Corporation of India.

• RuPay is the first-of-its-kind Global Card payment network from India, with wide acceptance at Shops, ATMs, and online.
  • It is a highly secure network.
  • The name is derived from the terms "Rupee" and "Payment".
  • RuPay is a product of the National Payments Corporation of India (NPCI).  
  • It was launched in 2012.
  • RuPay cards are issued by more than 1,100 banks which include Public Sector Banks, Private Sector Banks, Regional Rural and Co-Operative Banks.

• National Payments Corporation of India (NPCI)
  • It is an umbrella organisation for operating retail payments and settlement systems in India.
  • It was created under the provisions of the Payment and Settlement Systems Act, 2007.
  • It is an initiative of the Reserve Bank of India.
  • It is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
  • Headquarters- Mumbai
  • CEO- Dilip Asbe
  • Non-Executive Chairman- Mr Biswamohan Mahapatra
• Reserve Bank of India
  • It falls under the jurisdiction of the Ministry of Finance.
  • Functions of RBI include:
    • Issue of Bank Notes
    • Banker to Government i.e. manages the banking needs of the government
    • Represents the Government of India as a member of the IMF and the World Bank.
    • Custodian of Cash Reserves of Commercial Banks
    • Custodian of Country’s Foreign Currency Reserves
    • Lender of Last Resort.
    • Controller of Credit i.e. Managing money supply (Liquidity)
  • General information about RBI
    • Headquarters- Mumbai
    • Governor- Shaktikanta Das 
    • Established on 1 April 1935 in Kolkata.
    • Moved to Mumbai in 1937.
• Ministry of Finance
  • Union Minister- Smt Nirmala Sitharaman
  • Minister of State- Shri Anurag Singh Thakur