The pilot project for UPI was launched in which year?

Correct option is B

The correct answer is (b) 2016
· The Unified Payments Interface (UPI) was launched as a pilot project in April 2016 by NPCI.
· It was formally launched to the public on August 25, 2016.
· UPI allows instant money transfer between banks via mobile devices.
· It enabled a digital payment revolution in India post-demonetization.
· UPI integrates multiple bank accounts into a single mobile application.
· Regulated by RBI and NPCI under the guidance of the Ministry of Finance.
Information Booster:
• Developed by NPCI (National Payments Corporation of India).
• Supported by IMPS (Immediate Payment Service) technology.
• Now used by apps like PhonePe, Google Pay, Paytm, BHIM.
• Over 10 billion transactions/month (as of 2024).
• Major enabler of Digital India initiative.
• UPI 2.0 launched in 2018 with overdraft and invoice features.
Additional Information:
• 2010 – IMPS launched, precursor to UPI.
• 2014 – Jan Dhan-Aadhaar-Mobile (JAM) trinity launched.
• 2004 – Early banking reforms, unrelated to UPI.