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In this article journey and achievement of NPCI has been explained in very succinct manner. This explanation is enough for any competitive exam. For more detail you may refer the official website of NPCI.
- National Payments Corporation of India (NPCI) is an umbrella organisation for retail payment systems in the country.
- Set-up under the guidance of Reserve Bank and Indian Banks’ Association (IBA)
- Set up in December 2008
- Setup under the provisions of the Payment and Settlement Systems Act, 2007
- It is “Not for Profit” Company
- Purpose: to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
- The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.
- Year 2009
- Institute for Development & Research in Banking Technology (IDRBT) handed over to National Financial Switch (NFS) to NPCI
- NPCI Started to operate ATM -> It was its first role as a payment system provider
- Year 2011
- NPCI started to operate the Cheque Truncation System (CTS) on RBI’s behalf (on request of RBI)
Following are the various services launched by (or handed over to) NPCI in chronological order.