Digital Payment Systems — Prelims Strategy

Prelims Strategy

For Prelims, a meticulous approach to factual recall is paramount. Begin by creating a comprehensive table comparing UPI, RTGS, NEFT, IMPS, AePS, and E-RUPI across key parameters: operator, settlement type (real-time/batch), transaction limits, availability, and primary use case.

Memorize the full forms of all acronyms (e.g., UPI, NPCI, RTGS, NEFT, AePS, BBPS). Understand the roles of RBI (regulator) and NPCI (operator/innovator). Focus on recent innovations like UPI Lite, UPI AutoPay, UPI Lite X, and E-RUPI – their specific features and target beneficiaries are frequent question areas.

Pay attention to the Payment and Settlement Systems Act, 2007, understanding its core objective and the powers it grants to the RBI. Current affairs are crucial: track recent RBI circulars, NPCI product launches, and any significant policy changes related to digital payments (e.

g., cross-border UPI initiatives, new KYC norms). Practice statement-based MCQs that test nuanced understanding and common misconceptions. Vyyuha's Quick Recall mnemonics can be highly effective for remembering complex details.

Ensure you can differentiate between the regulatory body (RBI) and the operational body (NPCI) for various systems.