UPSC Prelims 2018 · GS Paper I
Question 15: Economy and Social Development
Which one of the following links all the ATMs in India ?
AnswerUPSC’s answer is (c).
The National Payments Corporation of India (NPCI) runs the National Financial Switch, which connects the ATMs of different banks across the country so that a customer of one bank can use another bank's ATM. NPCI is an umbrella organisation for retail payments, set up by the RBI and the Indian Banks' Association, and it also runs RuPay, IMPS and UPI. NSDL is a securities depository, and the RBI regulates payments but does not run the ATM network.
Why each option is right or wrong
- (a) The IBA is the banks' industry body; it does not run the ATM switch.
- (b) NSDL is a depository for securities.
- (c) Right: NPCI runs the National Financial Switch that links the ATMs.
- (d) The RBI regulates payments but does not operate the ATM network.
Answer: UPSC’s key. Explanation: written by UPSC Grade, not by UPSC.
Source: UPSC, Civil Services (Preliminary) Examination 2018, General Studies Paper I, Series A. The paper on upsc.gov.in.