National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. During the last six years, the organisation has grown multi-fold from 2 million transactions a day to 25 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes.
National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country enables over 200 District Central Co-operative Banks (DCCBs) under RuPay Debit Card network.
With this development, NPCI now digitises about two-thirds of 67... (more)
National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country launched next generation online payments solution - Unified Payments Interface (UPI) which will leverage trends such as increasing smartphone adoption and deeperpenetration of mobi... (more)
