National Payments Corporation of India (NPCI)
NPCI is an umbrella organisation for all retail payments system in India. It was set up with the guidance and support of 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 retail payment systems in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into a nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help bring about financial inclusion. During the last five years, the organisation has grown multifold – from two million transactions a day to 20 million transactions now. From a single service of switching of inter-bank ATM transactions, the range of services has grown to include cheque clearing, immediate payments service (24x7x365), automated clearing house, electronic benefit transfer, and a domestic card payment network, called RuPay, to provide an alternative to international card schemes. Until end-October 2015, over 220 million Indians owned RuPay cards.