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). 


Background:
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.

India’s Ranks in 2016

India ranks in 2016 provides below:

PM Modi announced inclusion of NBFCs in the Credit guarantee scheme

PM’s New Year eve speech has opened up opportunities for digital lending players, including startups in the space. PM has announced the inclusion of non-banking financial companies (NBFCs) in the credit guarantee scheme for small, medium and micro enterprises (SMEs) and also extended the scheme for loans up to Rs 2 crore.

RBI sets up counters for NRI deposits

The Reserve Bank of India (RBI) has opened a new window for non-resident Indian and citizens who were staying abroad since November 8 to deposit the demonetised ₹1,000 and ₹ 500 currency notes.

Details:

  • For RICs: Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017.

Prime Minister's first address to the Nation after demonetisation: Important announcements

Prime Minister Narendra Modi addressed the nation today i.e., December 31, 2016, his first since November 8, the day he announced a ban on circulation of old Rs 500, 1000 notes. 
Announcing a string of schemes during his New Year eve speech, the PM announced a string of schemes for the poor, farmers and senior citizens.