UPSC Prelims Practice Questions — UPI Goes Live in Greece, Commerce and Industry Minister Shri Piyush Goyal Witnesses the Launch at Eurobank
Q1. Which one of the following is the umbrella organisation that owns, builds and operates the central switch for the Unified Payments Interface (UPI) and other retail payment systems in India?
- A. National Payments Corporation of India (NPCI)
- B. Institute for Development and Research in Banking Technology (IDRBT)
- C. Indian Banks' Association (IBA)
- D. Reserve Bank of India (RBI)
Q2. As per data marking UPI's tenth year (FY 2025-26), how many banks were live on the UPI network?
- A. 44
- B. 297
- C. 703
- D. 1,024
Q3. In the context of UPI's global expansion, NPCI International Payments Limited (NIPL) is best described as which one of the following?
- A. A wholly-owned subsidiary of NPCI created to deploy UPI and RuPay outside India
- B. A joint venture between the RBI and foreign central banks for cross-border settlement
- C. A division of MeitY that licenses foreign fintech firms operating in India
- D. An inter-governmental body under the G20 to standardise digital public infrastructure
Q4. With reference to UPI's international expansion, consider the following statements:
1. NIPL was incorporated in 2020 as a wholly-owned subsidiary of NPCI.
2. France was the first Western European country to accept UPI.
3. The UPI–PayNow linkage connects India's UPI with Singapore's instant payment system.
4. NIPL itself is licensed and supervised by the RBI as a scheduled foreign bank.
Which of the statements given above is/are correctly identified?
- NIPL was incorporated in 2020 as a wholly-owned subsidiary of NPCI.
- France was the first Western European country to accept UPI.
- The UPI–PayNow linkage connects India's UPI with Singapore's instant payment system.
- NIPL itself is licensed and supervised by the RBI as a scheduled foreign bank.
- A. 1, 2 and 3
- B. 1 and 4 only
- C. 2 and 3 only
- D. 1, 2, 3 and 4
Q5. With reference to the UPI launch in Greece, consider the following statements:
1. UPI in Greece was enabled through a partnership between NIPL and Eurobank.
2. The launch was witnessed by the Union Commerce & Industry Minister at Eurobank's headquarters in Athens.
3. Greece is the first country in the world where UPI was made live.
4. The Greece launch extended UPI's live presence to about ten countries.
Which of the statements given above is/are NOT correct?
- UPI in Greece was enabled through a partnership between NIPL and Eurobank.
- The launch was witnessed by the Union Commerce & Industry Minister at Eurobank's headquarters in Athens.
- Greece is the first country in the world where UPI was made live.
- The Greece launch extended UPI's live presence to about ten countries.
- A. 3 only
- B. 1 and 3
- C. 3 and 4
- D. 2 only
Q6. Eurobank, the institution that partnered with NIPL for the UPI launch in Greece, is best described as which one of the following?
- A. A major private full-service commercial bank of Greece
- B. The central bank of Greece
- C. The European Union's payments regulator
- D. A European subsidiary of NPCI
Q7. In its June 2025 report, the IMF recognised UPI as the world's largest example of which one of the following?
- A. Retail fast-payment system by transaction volume
- B. Cross-border remittance corridor by transaction value
- C. Central bank digital currency (CBDC) platform
- D. Card-based payment network by number of users
Q8. According to the data cited in recognising UPI's global standing, approximately what share of global real-time payment transaction volume does UPI account for?
Q9. In which year were India–Greece bilateral relations elevated to the status of a 'Strategic Partnership'?
- A. 2018
- B. 2021
- C. 2023
- D. 2026
Q10. The Reserve Bank of India derives its statutory authority to regulate and supervise payment systems such as UPI primarily from which one of the following?
- A. The Payment and Settlement Systems Act, 2007
- B. The Reserve Bank of India Act, 1934
- C. The Banking Regulation Act, 1949
- D. The Information Technology Act, 2000
Q11. Which Union ministry is the nodal ministry steering India's Digital Public Infrastructure (DPI) and 'India Stack' agenda that underpins India's technology diplomacy?
- A. Ministry of Electronics and Information Technology (MeitY)
- B. Ministry of Finance
- C. Ministry of Commerce and Industry
- D. Ministry of External Affairs
Q12. Apart from India, the founding members of Project Nexus — the BIS-incubated platform to interlink national instant-payment systems — are Malaysia, the Philippines, Singapore and Thailand. Including India, how many countries form this founding cohort?