MC12 Which of the following is a recent technology-based initiative by the Reserve Bank of India (RBI) to improve the efficiency of the payment system?
A. National Electronic Funds Transfer (NEFT)
B. Real Time Gross Settlement (RTGS)
C. Unified Payments Interface (UPI)
D. Immediate Payment Service (IMPS)
Answer:C
MC12 Which of the following is a recent technology-based initiative by the Reserve Bank of India (RBI) to improve the efficiency of the payment system?
A. National Electronic Funds Transfer (NEFT) B. Real Time Gross Settlement (RTGS) C. Unified Payments Interface (UPI) D. Immediate Payment Service (IMPS)
Explanation: Unified Payments Interface (UPI) is a recent technology-based initiative by the RBI to improve the efficiency of the payment system in India. It enables users to transfer money between bank accounts instantly using a mobile phone.