National Payments Corporation of India

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/national-payments-corporation-of-india

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. When was National Payments Corporation of India built?December 2008
2. What is the location?Headquartered in Mumbai, Maharashtra, India
3. What is the legal framework?Payment and Settlement Systems Act, 2007
4. What is the National Payments Corporation of India (NPCI)?NPCI is a not‑for‑profit organization created in 2008 to make paying for things easier and safer in India. It builds digital payment systems that let people send money quickly and at low cost.
5. Why was NPCI created in 2008?It was made to fix problems in India’s old payment system, like high costs and lack of connection between banks. NPCI helps everyone, even in rural areas, use digital money.

Interoperability: The ability of different systems or applications to exchange and use information.
Financial Inclusion: Ensuring that individuals and businesses have access to useful and affordable financial products and services.
Retail Payments: Transactions made by individuals for everyday goods and services.