Which of the following statement is incorrect regarding the National Payments Corporation of India (NPCI)?
1
It is an umbrella organization for retail payments in India.
2
It was established by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of Banking Regulation Act, 1949.
3
It has been incorporated as a “Not for Profit” Company under the Companies Act 1956
4
It provides the infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.