What is NPCI?
NPCI is an organisation that is engaged in operating retail payments and settlement systems in India. NPCI is an initiative taken Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to draft a robust Payment and settlement Infrastructure in India under the provisions of the Payment and Settlement Systems Act, 2007. NPCI was created to discharge utility for managing payment and settlement systems using optimal usage of technology, given its characteristics, NPCI has been incorporated as a Not for Profit Company under the provisions of Section 8 of the Companies Act 2013.
- The intention of framing NPCI is to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems which not only help individuals but also help businesses.
- NPCI is focused on coming up with innovations in the area of retail payment systems through the use of the latest technology for achieving efficiency in operations and widening the reach of payment systems.
Table of Content
- Full form of NPCI
- Objectives of NPCI
- Vision of NPCI
- Formation of NPCI
- Services Offered by NPCI
- Conclusion