NPCI Full Form
by Yogi P - August 20, 2023
What is the full form of NPCI?
NPCI full form is National Payments Corporation of India (NPCI).
NPCI stands for National Payment Corporation of India. It is a collaborative organization encompassing various retail payment companies in India. Established under the support of the Indian Banks Association and the Reserve Bank of India (RBI), NPCI operates in accordance with the provisions of the Settlement & Payment Systems Act 2007.
Core Promoter Banks
NPCI includes ten core promoter banks, which are PNB, SBI, Canara Bank, Union Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, HSBC, and Citibank. Over the years, NPCI has played a significant role in shaping and influencing retail transactions, especially during the Indian government’s push for digital payments and money digitization.
Key Objectives of NPCI
The fundamental goals of NPCI are centered around enhancing the infrastructure of the banking industry to introduce both electronic and physical settlement and money transfer systems. Key objectives of NPCI include:
- Simplifying and unifying various payment systems with varying standards into a single national standard for all retail money transactions.
- Introducing technological innovations to enhance operational efficiency and expand the reach of payment systems.
- Developing and implementing a uniform national system for daily retail transactions, ensuring standardized processes across the country.
Services Offered by NPCI
NPCI provides a range of services aimed at advancing the digital payment landscape. Some of these services include:
- NFS (National Financial Switch): A shared ATM network that manages ATMs across the country, enabling cash withdrawal, card-to-card funds transfer, and cash deposit transactions.
- IMPS (Immediate Payment Service): A real-time payment service focused on the retail sector.
- RuPay: An indigenous payment system that issues debit, credit, and prepaid cards through Indian banks. It has a global presence through collaborations with international network partners.
Authenticated resource of this informations:
Official website of National Payments Corporation of India at https://www.npci.org.in/
