National Payments Corporation of India NPCI www.deekpay.com

What is NPCI?

National Payments Corporation of India (NPCI) is a secure payments organisation for retail payments operations in India. It was established by the Reserve Bank of India in association with the Indian Bankers Association.NPCI was established in December 2008 and was centrally promoted by the Reserve Bank of India.In April 2009, the certificate of commencement of operations was issued.

Currently, NPCI is promoted by the ten largest sponsor banks:

State Bank of India (SBI) Punjab National Bank (PNB) Canara Bank (Canara Bank) Bank of Baroda (Bank of Baroda) Union Bank of India (Union Bank of India) Bank of India Industrial Credit and Investment Bank of India (ICIC Bank) HDFC Bank Citibank HSBC

Who are the regulatory members of NPCI

The National Payments Corporation of India (NPCI), headquartered in Mumbai, is an organisation registered under Section 8 of the Companies Act, 2013.

The NPCI Regulatory Committee consists of the following members:

Biswamohan Mahapatra served as non-executive chairman. Nominee of the Reserve Bank of India (RBI). The nominees are from ten core sponsor banks. Currently, Dilip Asbe serves as the current Managing Director and Chief Executive Officer of NPCI.

Objectives of NPCI

The National Payments Corporation of India (NPCI) inReserve Bank of India(RBI) and the Indian Banks' Association (IBA) with the aim of consolidating and integrating various systems into a uniform and standardised business process across the country for retail payment systems.Another major objective of NPCI is to create an affordable payment system that will help the common man in the process of financial inclusion.

Under the PSS Act 2007, NPCI is authorised by RBU to operate the following payment systems:

National Financial Switch (NFS). Instant Payment System (IMPS). Affiliation of RuPay Card (Debit/Prepaid Card) issued by the Bank and Co-branded Credit Card issued by Non-Banking Financial Corporation (NBFC) or any other entity approved by the Reserve Bank of India. National Automated Clearing House (ACH). AadhaarSupported Payment Systems (AEPS). Cheque truncation system operation.

Read more:Difference between IMPS and NEFT, India's instant payment system

NPCI's operations

Some of the products currently launched by National Payments Corporation of India are listed below:

RuPay: This is India's domestic card programme with magnetic stripe and EMV chip. The card is now accepted at all ATMs and is issued by 300 co-operative banks and Regional Rural Banks (RRBs) in India. National Universal Mobile Card: Also known as Rupay Contactless Card, it is a contactless payment technology that allows cardholders to use their cards at contactless payment terminals without physically swiping or inserting the card. Bharat Interface for Money (BHIM) : Bharat Interface for Money (BHIM) is an NPCI Unified Payment Interface (UPI) based mobile payment application. It provides the facility to easily send or receive money to or from other customers using UPI. To know more details about BHIM, see the linked article. Unified Payment Interface of India(UPI): Unified Payment Interface (UPI) was launched on 11 April 2016 as an instant interbank payment system. The payment system was developed to provide a mobile platform for instant transfers between two bank accounts. To learn more about the Unified Payments Interface, see the linked article. Bharat Bill Payment System: Bharat Bill Payment System is a partnership between NPCI and the Reserve Bank of India (RBI), a co-sponsored initiative to pay all bills, will provide customers with an interoperable and accessible bill payment service.

The National Payments Corporation of India (NPCI) is an initiative of the Reserve Bank of India and the Indian Banks Association. ItsInstant Payment Service(IMPS) has made India a global leader in real-time payments in retail.