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).

Why was NPCI set up?

Before NPCI, there were many systems providing different services at different levels. So NPCI was proposed so as to consolidate and integrate all these systems and provide a uniform and standard business process for all retail payment systems in the country. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It is registered under Companies Act 1956.npcilogo

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.

Services provided by NPCI:

  • National Financial Switch (NFS) ATM Network: It connects 1,98,953 ATMs of 449 banks. The service came into effect from October 15, 2009
  • Cheque Clearing System
  • Immediate Payments Service (IMPS): The service is provided 24x7x365.
  • Automated Clearing House
  • Electronic Benefit Transfer
  • RuPay Card: It is a domestic card payment network to provide an alternative to international card schemes. As on end-October 2015 over 220 Million Indians own RuPay cards.
  • Unified Payments System: The service was launched on 11 April 2016. It is aimed at providing a single id to transfer the funds anywhere (reducing the use of IFSC codes).
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