The National Payments Corporation of India is an umbrella organisation for operating retail payments and settlement systems in India.
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. Founded in 2008, the NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013. The organisation is owned by a consortium of major banks, and has been promoted by the country's central bank, the Reserve Bank of India. The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at ₹3 billion (US$43 million) and paid-up capital is ₹1 billion (US$14 million).
Posts by NPCI
Is ‘Cashless’ the Road Ahead towards Digital India?
This case-study will provide you a sneak-peek to the journey of the creation of the first “cashless” panchayat in Odisha.