Consider the following statements about Unified Payments Interface (UPI):

  1. It seeks to promote cashless economy in the country
  2. It  has been developed by National Payments Corporation of India (NPCI)
  3. It facilitates the user to have a single virtual address for multiple bank accounts

Which of the above statements is/are correct?

Answer: [B] Only 1 & 2

Third statement is incorrect because UPI will allow a customer to have multiple virtual addresses for multiple accounts in various banks.

This question is a part of GKToday's Integrated IAS General Studies Module