Na­tional Pay­ments Corporation of In­dia (NPCI)

Consumer Voice - - Uni Ed Payments Inter Ace (upi) -

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.

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