{"id":6495,"date":"2022-12-07T06:04:46","date_gmt":"2022-12-07T00:34:46","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=6495"},"modified":"2025-03-27T15:12:56","modified_gmt":"2025-03-27T09:42:56","slug":"what-is-upi","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-upi\/","title":{"rendered":"What is UPI?"},"content":{"rendered":"<h2><strong>What is UPI?:<\/strong><\/h2>\n<ul>\n<li>UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank).<\/li>\n<li>It does so by merging several banking features, seamless fund routing &amp; merchant payments into one hood.<\/li>\n<li>The interface is <strong>regulated by the Reserve Bank of India<\/strong> and works by instantly transferring funds between two bank accounts on a mobile platform.<\/li>\n<li>It was launched in <strong>2016, by the National Payments Corporation of India (NPCI).<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Working of UPI:<\/strong><\/h2>\n<ul>\n<li>In UPI, a user just needs to download the UPI app, register details, and create a virtual payment address (VPA). The user needs to link the VPA to their bank account.<\/li>\n<li>This VPA becomes the users&#8217; financial address and the user need not remember the details like beneficiary account number, IFSC codes, or net banking user id and password for sending or receiving money.<br \/>\nThe UPI interface allows multiple bank accounts to be added into a single mobile application.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>What is National Payments Corporation of India (NPCI)?<\/strong><\/h2>\n<ul>\n<li>National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems in India.<\/li>\n<li>It is an initiative of <strong>Reserve Bank of India (RBI) and Indian Banks\u2019 Association (IBA)<\/strong> under the provisions of the <strong>Payment and Settlement Systems Act, 2007<\/strong>, for creating a robust Payment &amp; Settlement Infrastructure in India.<\/li>\n<li>It has been incorporated as a Not for Profit Company with an intention to provide infrastructure to the entire banking system in India for physical as well as electronic payment and settlement systems.<\/li>\n<li>The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong>Q1) What is IBA?<\/strong><\/h3>\n<p>The Indian Banks&#8217; Association (IBA) is an association of Indian banks and financial institutions, formed on September 26, 1946 with 22 members to work proactively for the growth of a healthy, Professional and forward looking, banking and financial services industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank.<\/p>\n","protected":false},"author":5,"featured_media":6496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6495","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/6495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=6495"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/6495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/6496"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=6495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=6495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=6495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}