Question : The National Payments Corporation of India was set up under the provisions of which Act?
Option 1: The SARFAESI Act, 2002
Option 2: Payment and Settlement Systems Act, 2007
Option 3: Government Securities Act, 2006
Option 4: Companies Act, 2013
Correct Answer: Payment and Settlement Systems Act, 2007
Solution : The correct option is the Payment and Settlement Systems Act, of 2007 .
The Payment and Settlement Systems Act of 2007 provides the legal framework for the regulation and supervision of payment systems in India. It empowers the Reserve Bank of India (RBI) to regulate and oversee payment and settlement systems in the country.
The NPCI operates under the regulatory framework established by the RBI, but its specific establishment is governed by the Companies Act.
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