NPCI Full Form- National Payments Corporation of India

What is NPCI? The full form of NCPI is the National Payments Corporation of India. In India, mechanisms for retail payments and settlement are administered by the National Payments Corporation of India. In accordance with the terms of the Payment and Settlement Systems Act, 2007, the organization is an effort of the Indian Banks' Association (IBA) and the Reserve Bank of India (RBI) with the goal of developing a strong payment and settlement infrastructure in India.

Established by the Reserve Bank of India and the Indian Banks' Association, the NPCI is a not-for-profit organization that was founded in December 2008 and is registered under Section 8 of the Companies Act 2013. A group of significant banks controls the institution, and the Reserve Bank of India, the nation's central bank, has supported it. December 2008 saw the incorporation of the NPCI, and April 2009 saw the issuance of the Certificate of Commencement of Business. The paid-up capital is ₹1 billion (US$13 million), whereas the authorized capital is fixed at ₹3 billion (US$38 million).

The Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, ICICI Bank Limited, Bank of India, Citibank N. A.,  HDFC Bank Limited, and HSBC are the 10 primary promoter banks. In 2016, the 56 member banks' ownership was expanded to include more banks from all industry sectors. 2020 saw the introduction of new companies under RBI regulation, including payment institutions, small finance banks, and payment service operators. The shares were distributed in accordance with the Companies Act of 2013's applicable rules as a result of the issuing of equity shares through a private placement.

The Various Products of NPCI

• Rupay- RuPay is an indigenously produced payment system that was created to satisfy the demands of the Indian customer as well as those of banks and the commercial community. RuPay encourages banks in India to issue debit, credit, and prepaid cards, which in turn encourages the expansion of retail electronic payments in India. RuPay is ideally positioned to investigate cutting-edge payment options like Contactless, both online and offline, to promote the uptake of low-value payments. With the addition of NCMC capabilities to all RuPay Cards, low-value contactless payments (such as those for parking, transport, tolls, and retail) may now be made utilizing offline technology.
• IMPS- India has emerged as the global leader in real-time retail payments thanks to the Immediate Payment Service (IMPS).
• NACH- The National Automated Clearing House, or NACH, is a web-based offline system designed for large-scale push and pull transactions. For corporations and banks, NACH offers an electronic mandate registration platform that makes the process of collecting mandates paperless. Both account-based and Aadhaar-based transactions are supported.
• APBS- The government and government agencies are assisted in conducting direct benefit transfers for a number of federal and state-sponsored programs using the Aadhaar Payment Bridge (APB) System.
• AePS: The introduction of the Aadhaar enabled Payment System (AePS) aims to promote financial inclusion in India by enabling doorstep access to these monies. Since its founding, it has been crucial to improve underprivileged communities' access to fundamental financial services. Hon. Prime Minister Narendra Modi has introduced BHIM Aadhaar to expand the ease of biometric payments to merchants.
• NFS- The National Financial Switch (NFS) is India's biggest network of shared automated teller machines (ATMs), offering a variety of value-added services including interoperable cash deposits, card-to-card money transfers, and interoperable cash withdrawals.
• UPI- The Unified Payments Interface, or UPI, has been dubbed the payment system's innovative product.
• Bharat Bill Payment System- With more than 200 billers in the areas of electricity, gas, water, telecom, DTH, loan repayments, insurance, FASTag recharge, cable, and other services, Bharat Bill Payment System provides a one-stop bill payment solution for all recurring payments throughout India.