SSC
What is the full form of BHIM, the UPI payment app?
Answer (Detailed Solution Below)View answer ▾Hide ▴
Answer: Option B — Bharat Interface for Money
Detailed Solution
BHIM stands for "Bharat Interface for Money", a mobile payment app based on the Unified Payments Interface (UPI).
About BHIM:
- It was launched by Prime Minister Narendra Modi on 30 December 2016, at the DigiDhan Mela in New Delhi, soon after demonetisation (November 2016), to promote digital payments.
- It was developed by the National Payments Corporation of India (NPCI).
It is named after Dr. B. R. Ambedkar (Bhimrao Ambedkar), the chief architect of the Indian Constitution, who was also an economist.
It allows users to send and receive money instantly using a mobile phone number, a UPI ID (virtual payment address) or a QR code, directly from their bank accounts.
It works with almost all banks in India.
It is available in many Indian languages.
Its features include "BHIM Aadhaar Pay" for merchants (payment using Aadhaar and fingerprints).
In 2024, NPCI set up "NPCI BHIM Services Limited", a subsidiary to manage and expand BHIM.
About UPI:
- UPI was launched by NPCI on 11 April 2016, under the guidance of the Reserve Bank of India.
- It allows instant real-time payments between bank accounts, 24 hours a day.
- UPI processes the largest number of real-time digital payments in the world; it handles more than 1,800 crore transactions a month (2025).
- Popular UPI apps include PhonePe, Google Pay and Paytm.
- "UPI 123PAY" (2022) lets feature-phone users make UPI payments.
- "UPI Lite" allows small payments without a PIN.
- UPI has been extended to other countries, such as Bhutan, Nepal, Sri Lanka, Mauritius, Singapore, the UAE and France.
About NPCI:
- It was set up in 2008 by the RBI and the Indian Banks' Association.
- It also runs RuPay (card network), IMPS, NACH, AePS, FASTag (NETC) and Bharat BillPay.
Why not the other options?
- ✗"Bharat Instant Money" is not the correct expansion.
- ✗"Bharatiya Hi-tech Interface for Money" is not the correct expansion.
- ✗"Banking and Housing Interface Module" is not the correct expansion.
Quick tip
Remember: BHIM = Bharat Interface for Money (launched 30 December 2016; NPCI; named after B. R. Ambedkar); UPI = 11 April 2016; NPCI = 2008; RuPay = NPCI's card network.
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Money, Banking & RBI — Preparation
This question tests your understanding of Money, Banking & RBI, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.
This topic covers money and its functions, the banking system in India, the Reserve Bank of India and monetary policy, policy tools such as the repo rate, reverse repo rate, CRR and SLR, bank nationalisation, types of banks, and payment systems such as NEFT, RTGS and UPI. Banking exams test this topic in depth. Questions often ask when the RBI was set up (1935, on the recommendation of the Hilton Young Commission), when it was nationalised (1949), what each policy rate means, and when major banks were nationalised (14 banks in 1969 and 6 in 1980). Current policy rates change often, so check the latest RBI announcements. Practise the money, banking and RBI questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.