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NPCI

Company Name : National Payments Corporation of India

Address : National Payments Corporation of India 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051 Phone – 022 – 4000 9100

Country : India

Join date : Fri 30 Dec, 2016


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Profile Description :

National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). 

The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.

IBA's untiring efforts during the last few years helped to turn this vision into a reality. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers. The authorized capital was pegged at Rs 300 crore and paid up capital was Rs 100 crore. The aim is to create infrastructure of large dimension and operate on high volumes resulting in payment services at a fraction of the present cost structure.

NPCI has ten promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. The Board constitutes of Shri Balachandran M as the Chairman, Nominee from RBI, Nominees from ten core promoter banks, two Independent Directors and Shri A. P. Hota, Managing Director and Chief Executive Officer, NPCI.

During the last five years, the organization has grown multi-fold from 2 million transactions a day to 20 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 (24x7x365), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named RuPay to provide an alternative to international card schemes. As on end-October 2015 over 220 Million Indians own RuPay cards. 


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