National Payments Corporation of India
| 200px | |
| Section 8 Company | |
| Industry | Finance |
| Founded | 2008 |
| Headquarters | Mumbai, Maharashtra, India[1] |
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Key people
|
AP Hota, managing director & CEO[2] |
| Products | National Financial Switch (NFS), Immediate Payment Service (IMPS), RuPay, Cheque Truncation System (CTS), Aadhaar Enabled Payment System (AEPS), ACH |
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Number of employees
|
700+ |
| Slogan | NPCI @ 2020 Touching Every Indian |
| Website | Official site |
National Payments Corporation of India (NPCI, Hindi: भारतीय राष्ट्रीय भुगतान निगम) is an Indian company setup to act as the umbrella organization for all retail payment systems in India for the benefit of all the member banks and their customers.
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 (1,98,953+), PoS terminals (10,70,000+) and most of the eCom merchants (30,000+) 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 165 million cards are being 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 scheme is similar to other domestic card schemes, such as China UnionPay (CUP).
Organisation
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$45 million) and paid up capital is ₹600 million (US$8.9 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 Balachandran.M as the chairman, Nominee from Reserve Bank of India, Nominees from ten core promoter banks and A. P. Hota, managing director and chief executive officer, NPCI.
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 standardised 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 in this committees are drawn from banks at the level of Deputy general manager/ Assistant general manager.
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 - has close to 400 banks as Live. Aadhaar Payments Bridge System (APBS) has more than 358 banks as Live. Cheque Truncation System (CTS) has fully migrated in 3 grids- southern, western & northern grid from MICR centres. Aadhaar-enabled payment system (AEPS)- has 36 member banks. RuPay – Domestic Card Scheme- has issued over 16.5 crore cards and enabled 10,70,000 PoS terminals in the country.[5] Unified Payments Interface - The service will be launching soon; Technical Launch is announced on 13 Feb 2016
Services
The corporation service portfolio now and in the future include:
- National Financial Switch (NFS) which connects 1,98,953 ATMs of 449 banks (91 Member Banks, 358 Sub- Member)[3]
- 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 - has close to 400 banks as Live.
- Aadhaar Payments Bridge System (APBS) has more than 358 banks as Live.
- Cheque Truncation System (CTS) has fully migrated in 3 grids- southern, western & northern grid from MICR centres.
- Aadhaar-enabled payment system (AEPS)- has 36 member banks.
- RuPay – Domestic Card Scheme- has issued over 16.5 crore cards and enabled 10,70,000 PoS terminals in the country.[4]
- Unified Payments System - The service was technically launched on 11 April 2016 source
See also
References
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- ↑ http://www.npci.org.in/
- ↑ http://www.npci.org.in/
