National Payments Corporation of India ( NPCI )
National Payments Corporation of India (NPCI) is an umbrella
organization for all retail payments system in India. It was set up with the
guidance and support of the Reserve Bank of India (RBI) and Indian Banks’
Association (IBA).
Background:
The RBI, after setting up the Board for Regulation and Supervision
of Payment and Settlement Systems (BPSS) in 2005, released a vision document
incorporating a proposal to set up an umbrella institution for all the RETAIL
PAYMENT SYSTEMS in the country.
Core objectives:
- To
consolidate and integrate the multiple systems with varying service levels
into nation-wide uniform and standard business process for all retail
payment systems.
- To facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.
About:
- NPCI
was incorporated in December 2008 and the Certificate of Commencement of
Business was issued in April 2009.
- It
was incorporated as a Section 25 company under Companies Act 1956 (now
Section 8 of Companies Act 2013) and is aimed to operate for
the benefit of all the member banks and their customers.
The authorized capital was pegged at Rs 300 crore and paid up
capital was Rs 100 crore.
- The aim is to create infrastructure of large dimension and operate on high volumes resulting in payment services at a fraction of the present cost structure.
Promoter banks:
NPCI has ten promoter banks namely,
State Bank of India, Punjab National Bank, Canara Bank, Bank of
Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and
HSBC.
Organisation:
- The
Board constitutes of Shri Balachandran M as the Chairman, Nominee from
RBI,
- Nominees
from ten core promoter banks,
- Two
Independent Directors and
- Shri A. P. Hota, Managing Director and Chief Executive Officer, NPCI.
Services:
NPCI offers services, It includes:
- *99# Service
- *99*99# Service
- Immediate Payments Service (IMPS)
- Unified Payment Interface (UPI)
- Aadhaar Enabled Payment System (AEPS)
- Bharat Interface for Money (BHIM App)
