The BHIM application, launched in 2016, is named after which personality?
- A.Dr B. R. Ambedkar
- B.Bhimsen Joshi
- C.Bhim from the Mahabharata
- D.Bhimrao Deshmukh
Correct answer
Explanation
The correct answer is A, Dr B. R. Ambedkar. BHIM stands for Bharat Interface for Money, and the acronym was chosen in honour of Dr Bhimrao Ramji Ambedkar, the chairman of the drafting committee of the Constitution and a trained economist. Option B is wrong because Bhimsen Joshi was a Hindustani classical vocalist and a Bharat Ratna, honoured in music rather than in payments. Option C is wrong because the app is not named after the Mahabharata character, though the name is often assumed to be mythological. Option D is wrong because no such person is connected with the launch; the option exists only to look plausible. Along with the name, remember that BHIM is only one UPI app and any bank app can pay a BHIM user, because UPI is interoperable by design.
Read the full article: NPCI, UPI and RuPay: Retail Payment Systems of India
Practice Questions
View allThe National Payments Corporation of India was incorporated in which year?
- A.2005
- B.2008
- C.2012
- D.2016
Show answer
NPCI was incorporated in 2008 as a not for profit company under Section 25 of the Companies Act, 1956 to act as the umbrella organisation for all retail payment systems in India, and it began by taking over the National Financial Switch the following year.
Read the full explanation →NPCI was promoted by the Reserve Bank of India along with which other body?
- A.Securities and Exchange Board of India
- B.Indian Banks Association
- C.NITI Aayog
- D.Ministry of Electronics and Information Technology
Show answer
NPCI was set up on the initiative of the Reserve Bank of India together with the Indian Banks Association, and ten core promoter banks held its first shareholding, which is why it is owned by the banking industry rather than by the government.
Read the full explanation →The Unified Payments Interface was launched in which year?
- A.2010
- B.2012
- C.2016
- D.2019
Show answer
UPI was launched by NPCI in 2016, and the BHIM application followed in December of the same year, which is why 2016 is the single most asked year in this topic.
Read the full explanation →UPI was built as a layer on top of which existing payment system?
- A.RTGS
- B.NEFT
- C.IMPS
- D.NACH
Show answer
The Immediate Payment Service, launched in 2010, already moved money between banks instantly at every hour, and UPI uses that rail while adding the virtual payment address, interoperable applications and single click authentication.
Read the full explanation →In UPI, a virtual payment address is used so that the payer does not have to share which details?
- A.The bank account number and IFSC
- B.The Aadhaar number
- C.The PAN
- D.The mobile handset number
Show answer
A virtual payment address takes the form of a name followed by a bank handle and acts as a pointer to the underlying account, so a payment can be made or collected without revealing the account number or the branch code.
Read the full explanation →