- The primary objective behind introducing this initiative is to achieve the ambitious target of “Digital Payments for All”.
- The new model of the NPCI will empower the regulated entities to launch their own UPI App by providing a license of the source code of the BHIM.
- All the updated and upgraded features of the BHIM App will also be extended to these regulated entities for their UPI App.
- By this, the NPCI aims to bridge the gap that exists between the mobile and digital services that use the UPI ecosystem and that do not use it.
- NPCI was established in 2008 under the Ministry of Finance for operating retail payments and settlement systems in India. It has its headquarters in Mumbai. The current CEO and MD of the corporation are Dilip Asbe.
Question:
Q.1 The BHIM App Open-Source License Model was recently introduced by the?a. NTA
b. NPCI
c. CBDT
d. BBB
