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What is RuPay?

AA global payment network

BIndia's domestic card payment network

CA type of cryptocurrency

DA system for international money transfers

Answer:

B. India's domestic card payment network

Read Explanation:

RuPay is India's indigenous and multinational card payment network.

  • Owner: It is owned and operated by the National Payments Corporation of India (NPCI), an organization promoted by the Reserve Bank of India (RBI).

  • Purpose: Launched in 2012, its goal was to create a domestic, cost-effective, and secure payment alternative to international networks like Visa and Mastercard.

  • Usage: RuPay cards (debit, credit, and prepaid) are widely accepted across India at ATMs, Point-of-Sale (POS) terminals, and e-commerce websites.

  • Benefit: By processing transactions domestically, it reduces transaction costs for banks and ensures data related to Indian customers remains within the country.

Related Questions:

Identify the benefits of E-governance related to cost and accessibility.

  1. E-governance results in cost savings for the government by reducing the need for paper and stationery.
  2. E-governance limits citizen access to government services to physical office locations.
  3. The adoption of E-governance aims to bring government services closer to the public through improved accessibility.
  4. E-governance increases expenses related to the maintenance of physical records.
    In the modern era, who are now the largest shareholders in many major companies?

    Which aspect of e-governance is directly addressed by standardization?

    1. The way government services are named online.
    2. The technology used for delivering government services.
    3. The cost of individual government projects.
    4. The privacy policies of social media platforms.
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      Who is responsible for the implementation of the PM-KISAN scheme at the ground level?

      1. The Central Government alone is responsible for identifying and verifying farmers.
      2. States and Union Territories are tasked with identifying and verifying eligible farmers.
      3. The scheme's implementation relies on the cooperation of financial institutions only.
      4. Local Panchayats are solely responsible for farmer verification.