Question

Ru Pay has been launched by

• A. National Securities Depository Limited
• B. National Payments Corporation of India
• C. Central Depository Services Limited
• D. Reserve Bank of India

Answer 1

The Correct Option is B

The question asks about the organization that launched RuPay, a domestic card payment network in India.

RuPay is an Indian multinational financial services and payment service system conceptualized and launched by the National Payments Corporation of India (NPCI). It was brought into existence to fulfil Reserve Bank of India (RBI)'s vision to have a domestic, open, and multilateral system of payments. Here is the step-by-step reasoning:

1. RuPay was launched to promote financial inclusion in India and to integrate the payment systems across the country seamlessly.
2. The Reserve Bank of India, through its significant payment system vision document, envisioned having a domestic, open, and multilateral system of payments. NPCI was tasked to set up the domestic card scheme RuPay.
3. National Payments Corporation of India (NPCI) was incorporated in December 2008 with the support and guidance of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
4. The key objective of NPCI is to consolidate and integrate multiple systems with varying service levels into nation-wide uniform and standard business processes for all retail payment systems.
5. RuPay was specifically launched by NPCI to offer a domestic alternative to international card networks and to fulfill the RBI’s vision of providing a cost-effective, low-fee alternative to international card systems like Visa and MasterCard.

Thus, the correct answer is National Payments Corporation of India, as NPCI is the organization responsible for launching the RuPay card network.