- The Reserve Bank of India set up NCPI along with the country’s lenders to make retail payments faster, more accessible, and cost-efficient.
- NPCI is in the process of connecting the UPI platform to systems in other countries to replicate its domestic success.
- Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank.
- As of now in the remittance market, it costs $13 on average to send $200 across borders which is very high.
- Now Overseas Indians can use NPCI rails to remit money inwards straightway into their bank accounts, and for the markets where Indians travel frequently.
- About 330 banks and 25 apps – including Meta Platform Inc.’s WhatsApp share NCPI’s unified payment interface.
- It has also made instantaneous digital transactions a $3 trillion market in India.
Question:
Q.1 As per the World Bank, the Indians overseas remitted _________?a. $90 billion
b. $87 billion
c. $78 billion
d. $67 billion
