{"id":1761,"date":"2024-03-29T15:09:04","date_gmt":"2024-03-29T09:39:04","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1761"},"modified":"2024-04-03T07:12:49","modified_gmt":"2024-04-03T01:42:49","slug":"q-which-one-of-the-following-links-all-the-atms-in-india","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-which-one-of-the-following-links-all-the-atms-in-india","title":{"rendered":"Q.\u00a0Which one of the following links all the ATMs in India?"},"content":{"rendered":"\n<ul class=\"mcq wp-block-list\">\n<li>Indian Banks\u2019 Association<\/li>\n\n\n\n<li>National Securities Depository Limited<\/li>\n\n\n\n<li>National Payments Corporation of India<\/li>\n\n\n\n<li>Reserve Bank of India<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer:<\/strong>&nbsp;<strong>(c) National Payments Corporation of India<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"national-payments-corporation-of-india-npci-hd-66067f79bcd4a\"><strong>National Payments Corporation of India (NPCI)<\/strong>:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is an&nbsp;<strong>umbrella organisation for operating retail payments and settlement systems in India.<\/strong><\/li>\n\n\n\n<li>It is an&nbsp;<strong>initiative of&nbsp;the Reserve Bank of India (RBI) and the Indian Banks\u2019 Association (IBA)<\/strong>&nbsp;under the provisions of the&nbsp;<strong>Payment and Settlement Systems Act, 2007<\/strong>, to create a robust Payment &amp; Settlement Infrastructure in India.<\/li>\n\n\n\n<li>It has been&nbsp;<strong>incorporated as a \u201cNot for Profit\u201d Company<\/strong>&nbsp;under the provisions of Section 25 of the Companies Act 1956 (now Section 8 of the Companies Act 2013).<\/li>\n\n\n\n<li>The Company is&nbsp;<strong>focused on bringing innovations in the retail payment systems<\/strong>&nbsp;through the use of technology for achieving greater efficiency in operations and widening the reach of payment.<\/li>\n\n\n\n<li>NPCI is&nbsp;<strong>promoted by ten major banks<\/strong>, including the State Bank of India, Punjab National Bank, Citibank, Bank of Baroda, and HSBC.<\/li>\n\n\n\n<li>The&nbsp;<strong>regulatory board of the NPCI, headquartered in Mumbai<\/strong>, includes nominees from the RBI along with nominees from ten core promoter banks.&nbsp;<\/li>\n\n\n\n<li>Payment systems that the NPCI can operate include National Financial Switch (NFS), Immediate Payment System (IMPS), Aadhaar-enabled Payments System (AEPS) and National Automated Clearing House (NACH).<\/li>\n\n\n\n<li><strong>Services Offered by NPCI:<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Bharat Bill Payment Interface (BBPI):<\/strong>&nbsp;It was developed by the NPCI to help the retail payments sector. With the introduction of the BBPI, a single platform has been made for aggregators and 0billpayers.&nbsp;<\/li>\n\n\n\n<li><strong>Immediate Payment Service (IMPS):<\/strong>&nbsp;It gives you the option to transfer funds immediately. The facility is available at any given time. The beneficiary details must be added to transfer funds via IMPS. You can add the IFSC code and the account number to transfer funds via IMPS.&nbsp;<\/li>\n\n\n\n<li><strong>RuPay:<\/strong>&nbsp;NPCI introduced RuPay so that average citizens can make financial decisions. RuPay is an affordable card and can be issued as credit cards, debit cards, and prepaid cards. More than 300 million RuPay cards are in India.&nbsp;<\/li>\n\n\n\n<li><strong>USSD Services:<\/strong>&nbsp;Unstructured Supplementary Service Date (USSD) was introduced by the NPCI to allow individuals to make banking solutions without the need for the internet or smartphones.&nbsp;<\/li>\n\n\n\n<li><strong>BHIM:<\/strong>&nbsp;BHIM uses UPI to complete payment transfers. You can make payments via BHIM by entering the Virtual Payment Address (VPA) or the registered mobile number. No smartphone is required to transfer funds via BHIM.&nbsp;<\/li>\n\n\n\n<li><strong>UPI:<\/strong>&nbsp;United Payments Interface (UPI) allows you to transfer funds from your smartphone. However, you will need to link your bank account to complete payments via UPI. Money is transferred directly from one bank to another.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"in-india-there-are-two-central-depositories-namely\">In India, there are&nbsp;<strong>two central depositories, namely.<\/strong><\/h6>\n\n\n\n<ol class=\"wp-block-list\">\n<li>NSDL (National Security Depository Limited)<\/li>\n\n\n\n<li>CSDL (Central Depository Services Limited)<\/li>\n<\/ol>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"national-securities-depository-limited\">National Securities Depository Limited<\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>National Securities Depository Limited (NSDL) is an Indian\u00a0<strong>central securities depository<\/strong>\u00a0under the jurisdiction of\u00a0<strong>Ministry of Finance<\/strong>, Government of India based in Mumbai.\n<ul class=\"wp-block-list\">\n<li>It is&nbsp;<strong>India\u2019s first and largest depository<\/strong>&nbsp;of national securities dealing with issues related to paper-based securities settlement, such as bad delivery and delayed transfer of title, etc.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>It was established in 1996 as the\u00a0<strong>first electronic securities depository in India<\/strong>\u00a0with national coverage.\n<ul class=\"wp-block-list\">\n<li>The enactment of&nbsp;<strong>Depositories Act<\/strong>&nbsp;in August 1996 paved the way for establishment of NSDL.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>NSDL provides bucket of services to investors, stock brokers, custodians, issuer companies, Saving account current account Business corresponding etc. through its nationwide network of\u00a0<strong>Depository Participants or DPs<\/strong>\u00a0and digital platforms.\n<ul class=\"wp-block-list\">\n<li>It handles most of the securities held and settled in&nbsp;<strong>dematerialized form<\/strong>&nbsp;in the Indian capital market.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>It is a depository of Indian securities that&nbsp;<strong>stores digitally securities<\/strong>&nbsp;such as investor bonds, shares and debentures.<\/li>\n\n\n\n<li><strong>Industrial Development Bank of India (IDBI), Unit Trust of India (UTI), and National Stock Exchange ( NSE) are promoting NSDL<\/strong>. The NSDL \u2018s principal shareholders are listed below.\n<ul class=\"wp-block-list\">\n<li>Axis Bank Limited<\/li>\n\n\n\n<li>Deutsche Bank<\/li>\n\n\n\n<li>HSBC<\/li>\n\n\n\n<li>Citibank<\/li>\n\n\n\n<li>HDFC Bank<\/li>\n\n\n\n<li>Standard Chartered Bank<\/li>\n\n\n\n<li>Dena Bank<\/li>\n\n\n\n<li>Oriental Bank of Commerce<\/li>\n\n\n\n<li>State Bank of India (SBI)<\/li>\n\n\n\n<li>Canara Bank<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"cdsl\"><strong>CDSL<\/strong><\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is a government-registered&nbsp;<strong>share depository<\/strong>, alongside its other state-owned counterpart National Securities Depository Ltd (NSDL).<\/li>\n\n\n\n<li><strong>Share depositories<\/strong>&nbsp;<strong>hold shares in an electronic or dematerialised form<\/strong>&nbsp;and are an enabler for securities transactions, playing a somewhat similar role to what banks play in handling cash and fixed deposits.<\/li>\n\n\n\n<li>CDSL was founded in 1999. It is a&nbsp;<strong>Market Infrastructure Institution or MII that is deemed as a crucial part of the capital market structure<\/strong>, providing services to all market participants, including exchanges, clearing corporations, depository participants, issuers and investors.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Answer:&nbsp;(c) National Payments Corporation of India National Payments Corporation of India (NPCI): In India, there are&nbsp;two central depositories, namely. National Securities Depository Limited CDSL<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[55],"class_list":["post-1761","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-55"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian Economy"}],"years":[{"value":55,"label":"2018"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":38,"name":"Indian Economy","slug":"indian-economy","term_group":0,"term_taxonomy_id":38,"taxonomy":"post_tag","description":"","parent":0,"count":225,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=1761"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1761\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=1761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=1761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=1761"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=1761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}