National Payments Corporation of India

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National Payments Corporation of India
भारतीय राष्ट्रीय भुगतान निगम
Section 8 Company
Industry Payments
Founded 2008
Headquarters Mumbai, Maharashtra, India[1]
Key people

Biswamohan Mahapatra (Non-Executive Chairman)[2]

Dilip Asbe (MD and CEO) [3][4]
Products National Financial Switch (NFS), National Automated Clearing House(NACH), Immediate Payment Service (IMPS), RuPay, Cheque Truncation System (CTS), Aadhaar Enabled Payment System (AePS), Unified Payments Interface(UPI), *99# (NUUP), BHIM
Number of employees

National Payments Corporation of India (NPCI, Hindi: भारतीय राष्ट्रीय भुगतान निगम) is the umbrella organisation for all retail payment systems in India,[citation needed] which aims to allow all Indian citizens to have unrestricted access to e-payment services.

Founded in 2008, NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013. The organisation is owned by a consortium of major banks,[5] and has been promoted by the country’s central bank, the Reserve Bank of India. Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions.

It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes. The RuPay card is now accepted at all the ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.

More than 250 million cards have been issued by various banks, and it is growing at a rate of about 3 million per month. A variant of the card called ‘Kisan Card’ is now being issued by all the Public Sector Banks in addition to the mainstream debit card which has been issued by 43 banks. RuPay cards are also issued under the Jan Dhan Yojana scheme. RuPay card was dedicated to the nation by the then President, Pranab Mukherjee on 8 May 2014.


The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at 3 billion (US$46 million) and paid-up capital is 1 billion (US$15 million).

Presently, there are ten core promoter banks (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 consists of B.Sambamurthy as an interim chairman, Nominee from Reserve Bank of India and Nominees from ten core promoter banks. B.Sambamurthy, former director and CEO of IDRBT, prior to it, chairman and managing director of Corporation Bank, was appointed as interim chairman replacing Balachandran M after his retirement.[6] Dilip Asbe is temporarily posted as managing director and chief executive officer of NPCI after A. P. Hota, who retired from the post on August 10, 2017.[7]

The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) at its meeting held on 24 September 2009 has approved in principle to issue authorisation to NPCI for operating various retail payment systems in the country and granted Certificate of Authorisation for operation of National Financial Switch (NFS) ATM Network with effect from 15 October 2009. NPCI has deputed its officials to IDRBT Hyderabad and NPCI has taken over NFS operations from 14 December 2009. Membership regulations and rules are being framed for enrolling all banks in the country as members so that when the nationwide payment systems are launched, all would get included on a standardized platform.

A Technical Advisory Committee has also been constituted with two professors of IIT Bombay. N. L. Sarda is the chairman and G. Sivakumar is the Co-Chairman of the Technical Advisory Committee. Members of this committees are drawn from banks at the level of Deputy general manager/ Assistant general manager.

The key products of NPCI are:

National Financial Switch (NFS) which connects 1,98,953 ATMs of 449 banks (91 Member Banks, 358 Sub- Member) [4]. Immediate Payment Service (IMPS) provided to 84 member banks, with more than 8.49 crore MMID (Mobile Money Identifier) issued, and crossed 10 million transactions.

National Automated Clearing House (NACH), has close to 400 banks on board. Aadhaar Payments Bridge System (APBS) has more than 358 banks. Cheque Truncation System (CTS) has fully migrated in 3 grids-southern, western & northern grids from MICR centers. Aadhaar-Enabled Payment System (AEPS) has 36 member banks. RuPay – Domestic Card Scheme, has issued over 20 crore cards and enabled 10,70,000 PoS terminals in the country.[5] The newest and most advanced addition to the NPCI revolution is the Unified Payments Interface (UPI) which was launched on 11 April 2016.

RuPay PaySecure - Over 20 banks now offer this authentication mechanism to their RuPay cardholders.The new transaction flow of Card + OTP has infused more simplicity to cardholders. More than 70,000 merchants accept Rupay cards online. RuPay PaySecure is live on 10 acquiring banks which includes Union Bank of India, Kotak Mahindra Bank, Citi Bank, ICICI Bank, HDFC Bank, State Bank of India, IDBI Bank, IndusInd Bank, Bank of Baroda and Bank of India.


The corporation service portfolio now and in the future include:

See also[edit]


  1. ^ "National Payments Corporation of India". Retrieved 2011-03-16. 
  2. ^
  3. ^
  4. ^ "Mobile money transfer fee cut to 10p". Retrieved 2011-03-16. 
  5. ^ "Watal Report, December 2016" (PDF). Ministry of Finance. Ministry of Finance. Retrieved 14 January 2017. 
  6. ^ "B Sambamurthy appointed as NPCI interim Board chairman". Economic Times. 21 September 2017. Retrieved 24 October 2017. 
  7. ^ "NPCI names Dilip Asbe as interim CEO, AP Hota retires". Business Standard News. 14 August 2017. Retrieved 9 October 2017. 
  8. ^ "BHIM 1.1 : New version comes with updates that promise better usability". FAQ.NET.IN. 5 January 2017. 

External links[edit]