Question

UPSC Prelims 2018 Question:

Which one of the following links all the ATMs in India?

1. Indian Banks' Association
2. National Securities Depository Limited
3. National Payments Corporation of India
4. Reserve Bank of India

Answer (Detailed Solution Below)

Option 3: National Payments Corporation of India

Detailed Solution

Explanation:

The Automated Teller Machines (ATM) is basically a computer with a screen, a card reader, a secure chest carrying various denominations of notes, has a dispensing outlet and is connected through a secure network to a central application called the switch.
Department of Payment and Settlement Systems (DPSS), RBI at its meeting held on September 24, 2009 had given an in-principal approval to issue authorization to the National Payments Corporation of India (NPCI) for operating various retail payment systems in the country and granted Certificate of Authorization for operation of National Financial Switch (NFS) ATM Network with effect from October 15, 2009.

Therefore, option (3) is the correct answer.

Subject: Economics | Money and Banking

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