National Payment Corporation Of India (NPCI)
Doodlebrary
- The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India.
- It was founded in 2008 and is a not-for-profit organization registered under the Societies Act in India.
- The NPCI was established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to centralize and standardize the retail payment systems in India.
- NPCI is responsible for various retail payment systems in the country, such as the Unified Payments Interface (UPI), Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), and Real-Time Gross Settlement (RTGS).
- These platforms and systems facilitate digital payments, fund transfers, and settlements between banks and other financial institutions, catering to both individual consumers and businesses.
- Some of its notable initiatives include the launch and management of UPI, which has become one of the most popular and widely used systems for instant payments in India.
- NPCI’s role has been crucial in driving the adoption of digital payments and enabling financial inclusion across the country.
- The organization works closely with various banks, financial institutions, and other stakeholders in the financial ecosystem to ensure secure, efficient, and interoperable payment systems that benefit both consumers and businesses in India.
