PAY­MENT SYS­TEMS - NPCI FOR EV­ERY IN­DIAN

Tehelka - - ASSAM - NPCI CEO, NPCI NPCI NPCI RBI NPCI ( ACH), ( AEPS) RTGS RBI, NPCI ATM RBI ATM NPCI. ATMS IDRBT ATM NPCI ATM NPCI. NPCI’S ATM RBI MICR NPCI NPCI. NPCI NPCI RBI

“We at have closely aligned our­selves to the mis­sion and vi­sion of the Re­serve Bank of In­dia that the Pay­ments and Set­tle­ment Sys­tems in the coun­try are safe, ef­fi­cient, in­ter-op­er­a­ble, au­tho­rised, ac­ces­si­ble and com­pli­ant with in­ter­na­tional stan­dards. We aim at reach­ing out in an in­clu­sive way, such that ev­ery In­dian uses one or the other pay­ment ser­vices of at least once a month, within the next five years.” says AP Hota, Manag­ing Di­rec­tor &

as an or­gan­i­sa­tion was en­vis­aged by in 2005 as the um­brella or­gan­i­sa­tion for all the Re­tail Pay­ment Sys­tems in the coun­try. By, “um­brella or­gan­i­sa­tion” expected that would build cen­tral in­fra­struc­ture for in­ter-bank re­tail pay­ments in the coun­try ex­cept the sys­tem, which is usu­ally op­er­ated by the cen­tral bank. With the ef­forts of In­dian Banks As­so­ci­a­tion and sup­port of started op­er­a­tions in Jan­uary 2010. Since then, the or­gan­i­sa­tion has grown rapidly with four dis­tinct lines of pay­ment ser­vices — switch­ing, Mo­bile Pay­ments, Cheque Trun­ca­tion Sys­tem and RuPay do­mes­tic card pay­ment net­work. Three more lines of pay­ment ser­vices are un­der ex­e­cu­tion — Au­to­mated Clear­ing House Aad­har En­abled Pay­ment Sys­tem and Touch & Go Con­tact­less Pay­ment Sys­tem. We aim at digi­ti­sa­tion of pay­ments and en­cour­age cus­tomers to move away from cash and cheques. switch­ing is the sta­bilised ser­vice of In Jan­uary 2010, took over this ser­vice from (the tech­nol­ogy arm of Re­serve Bank of In­dia) with 37 mem­ber banks and with a daily av­er­age trans­ac­tion of 2 mil­lion. Now the num­ber of mem­ber banks has crossed 100, with daily av­er­age vol­ume of 5.5 mil­lion. Nearly 90 per­cent of all in­ter-bank transactions (cus­tomer of bank-A us­ing the of Bank-B) are routed through Presently, 1,00,000+

are part of net­work. now touches al­most ev­ery card­holder/ carded cus­tomer in the coun­try with this ser­vice. Cur­rently, cheque clear­ing in In­dia is done in three ways — through Cheque trun­ca­tion sys­tem at New Delhi and Chen­nai, through au­to­mated sort­ing sys­tem (called Clear­ing ) at 64 ma­jor cen­tres and through a man­ual sort­ing sys­tem in the re­main­ing 1100 lo­ca­tions across the coun­try. plans the whole coun­try to move to Cheque trun­ca­tion mode by the end of the next year. The task has been en­trusted to

Once cheque trun­ca­tion sys­tem is fully im­ple­mented, the cheque will not move be­yond the branch of first de­posit. Clear­ing will take place on the ba­sis of cheque im­ages. im­ple­mented cheque trun­ca­tion in Chen­nai and is in the process of rolling it out to all clear­ing houses in the states of Tamil Nadu, Kar­nataka, Ker­ala, Andhra Pradesh and Puducherry by March next year. plans to have clear­ing houses in the coun­try on a Grid mode at Chen­nai, Mum­bai and Delhi. It would trans­form the cheque clear­ing process in the coun­try and would fa­cil­i­tate faster clear­ing, au­to­mated rec­on­cil­i­a­tion and elec­tronic pro­cess­ing of pa­per based sys­tem that can in due course be made fully elec­tronic. With this ser­vice,

would be able to reach al­most all the bank cus­tomers in the coun­try.

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