Which of the following is the most likely consequence of implementing the 'Unified Payments Interface (UPI)'? (a) Mobile wallets will not be necessary for online payments. (b) Digital currency will totally replace the physical currency in about two decades. (c) FDI inflows will drastically increase. (d) Direct transfer of subsidies to poor people will become very effective.

Stories on this topic

• NPCI defers 0.4% UPI merchant fee, due on 15 October, until after Diwali 14 October 2026

  Explains why UPI spread so fast: it moves money directly between bank accounts, which is the system now facing a merchant fee.

  Facts from this story you can cite
  • On 13 October 2026, NPCI's UPI and Services Steering Committee deferred the UPI merchant discount rate, due from 15 October, to a date after Diwali.
  • The framework sets a 0.4% MDR on eligible P2M UPI payments above ₹2,000, capped at ₹300; payments up to ₹2,000 and P2P transfers stay free.
  • Small merchants receiving up to ₹1 lakh a month through UPI remain at zero MDR; specified essential-sector payments above ₹2,000 attract a flat ₹5.
• PM opens RBI's ₹169 crore data centre and cybersecurity institute near Bhubaneswar 26 October 2026

  Tests understanding of India's digital payment systems, the wider ecosystem that RBI's RTGS and NEFT anchor.

  Facts from this story you can cite
  • The RBI's ₹169 crore Data Centre and Cybersecurity Training Institute at Info Valley-II, Jatni, near Bhubaneswar, was inaugurated on 25 October 2026.
  • The data centre will host mission-critical payment and settlement systems, including RTGS and NEFT.
  • The site was chosen for geographical stability, away from seismic zones and high-risk border areas; it is the second such RBI data centre after Navi Mumbai.

Where it sits in the syllabus

• Prelims: Economic and social development

  Economic and Social Development: Sustainable Development, Poverty, Inclusion, Demographics, Social Sector initiatives, etc.

Other questions these stories help answer

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3. 2022 · GS3 · 15 marks What are the different elements of cyber security? Keeping in view the challenges in cyber security, examine the extent to which India has successfully developed a comprehensive National Cyber…
4. 2015 · Prelims 'Pradhan Mantri Jan-Dhan Yojana' has been launched for (a) providing housing loan to poor people at cheaper interest rates (b) promoting women's Self-Help Groups in backward areas (c) promoting…