UPI and RTGS Systems — Prelims Questions

Consider the following statements about UPI (Unified Payments Interface): 1. UPI transactions can be processed 24x7 throughout the year 2. The minimum transaction limit for UPI is ₹1 3. UPI uses Virtual Payment Address (VPA) for transactions 4. NPCI operates UPI under direct RBI supervision Which of the statements given above are correct?

Which of the following best describes the settlement mechanism in RTGS (Real Time Gross Settlement)?

Consider the following about payment system regulations in India: 1. Payment and Settlement Systems Act, 2007 empowers RBI to regulate payment systems 2. Data localization is mandatory for all payment system operators 3. UPI transaction data must be stored within India 4. Foreign payment companies can operate without RBI authorization Which of the statements given above are correct?

What is the current transaction limit structure for UPI payments in India?

Which of the following statements about NPCI (National Payments Corporation of India) is/are correct? 1. NPCI is a wholly owned subsidiary of Reserve Bank of India 2. It operates UPI, RuPay, and IMPS payment systems 3. NPCI was established under the Payment and Settlement Systems Act, 2007 4. It functions as a for-profit organization