National Payments Corporation of India (NPCI), an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. It aims to create a robust Payment and Settlement Infrastructure in India. NPCI has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire banking system in India for physical as well as electronic payment and settlement systems. It is focused on bringing innovations in the retail payment systems through the use of technology to achieve greater efficiency in operations and widen the reach of payment systems.