Full form of NPCI
The Full form of NPCI is the National Payments Corporation of India. It is an umbrella organization, which helps operate retail payments and settlements in India. NPCI is a direct result of an initiative between the Reserve Bank of India and the Indian Banks’ Association. NPCI came into effect under the provisions of the Payment and Settlement System Act 2007, to help create a robust settlement & payment infrastructure in India.
Apart from learning the full form of NPCI, here are some relevant facts that will help you.
NPCI Quick Facts
- Full form of NPCI - National Payments Corporation of India
- Established as an NPC (Not for Profit Company), commonly known as Section 8 companies, under the Companies Act, 2013.
- NPCI was formed as a result of an initiative by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
- The ten core promoter banks of NPCI are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank NA, and HSBC.
- Recently in 2016 46 more banks were added to the shareholding, as an effort to include member banks that represent all sectors.
- The company focuses on bringing innovations (like UPI) in the retail payment systems. This is achieved by utilizing technology for achieving higher efficiency and theoretically, helping bring payments systems to everyone in India.
- Before UPIs, the RuPay payment system was the first big innovation of NPCI. Nowadays, RuPay cards are extremely popular, with NCMC functionality, competing with the likes of Visa and Mastercard.
- NPCI is also responsible for the following innovations
- IMPS - Immediate Payment Service - real-time payments in the retail sector
- NACH - National Automated Clearing House. Offline system facilitating paperless collection process for both account-based and Aadhaar based transactions.
- ABPS - Aadhar Bridge Payments System - helps central and state government agencies to directly transfer benefits of the various subsidies and scheme
- AePS - Aadhar Enabled Payments System - helps to bring payments systems to the underserved areas
- NFS - National Financial Switch - the tool which makes it possible to access banking systems from any Automated Teller Machine, regardless of the bank.
- BBPS - Bharat Bill Payment System - a one-stop-shop for making bill payments access to 200+ vendors. Categories include utilities like Electricity, Gas, and Water, Telecom Services, DTH, Loan repayment, Insurance, FASTag, Cable, etc, among others.
- NETC - National Electronic Toll Commission - Electronic payment facilities in state and city toll plazas making use of FASTags.
- With each passing year, NPCI is becoming extremely instrumental in succeeding in its vision of creating a cashless, completely digital India.
We hope this information was useful to you. Like the full form of NPCI, you can learn from others our articles. This would be extremely beneficial for a banking exam.
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