Q. Consider the following statements:
1.Unified Payments Interface (UPI) is regulated by the National Payments Corporation of India (NPCI).
2.UPI LITE is a payment solution that leverages technology to process low-value transactions which is below rupees two hundred.
3.UPI requires just one singe mobile app to access various bank accounts.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: B
Notes:

Explanation –

Statement 1 is incorrect. UPI has been developed by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).

Statement 2 and 3 are correct. UPI LITE is a payment solution that leverages technology to process low-value transactions which is below rupees two hundred. UPI requires just one singe mobile app to access various bank accounts.

Source: ForumIAS