Payment giant NPCI has SWIFT alternative for 32 million Indian expats

Current Context: NPCI built India’s digital payments backbone plans to make it cheaper and easier for the nation’s 32 million expatriates to bring their money home.

• 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