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National Payments Corporation of India ( NPCI )

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.

Core objectives:
  • To consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems.
  • To facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.
  •  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.
Promoter banks:
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.
NPCI offers services, It includes:

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