Dear Aspirants, As we know all our IG’ ians are tracking the IBPS Guide for 30 days preparation plan to crack the IBPS Clerk Mains 2017. We provide you study notes on daily basis and today we provide you study notes about the organisation NPCI – National Payments Corporation of India. You may also use it for the upcoming bank exams.
Important Information About NPCI – National Payments Corporation of India (Banking Awareness)
History of NPCI:
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). NPCI headquartered in Mumbai, Maharashtra.
It was initiated under the provisions of the Payment and Settlement Systems Act, 2007. NPCI was founded in 2008, NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013 with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
Foundation of NPCI:
The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.
B.Sabamurthy is the interim Chairman and Dilip Asbe is the MD & CEO of NPCI. The authorized capital was pegged at Rs.300 crore and paid up capital was raised from Rs.100 crore to Rs.137 crore.
Roles of NPCI:
Bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems are the main objective of this organization.
Products in NPCI:
– card scheme
- National Financial Switch (NFS)
– Network of shared automated teller machines in India.
- Unified Payment Interface (UPI)
– Single mobile application for accessing different bank accounts
- BHIM App
– Smartphone app built using UPI interface.
- Immediate Payment Service (IMPS)
– Real time payment with mobile number.
- Bharat Bill Payment System (BBPS)
– Integrated bill payment system in India.
– A common QR code built for ease of payments
– Mobile banking using USSD
- National Automated Clearing House (NACH)
- Cheque Truncation System
– Online image-based cheque clearing system
- Aadhaar Payments Bridge System (APBS)
– Aadhar linked subsidy information
NPCI 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, PoS terminals and most of the online merchants. RuPay card was dedicated to the nation by the then President, Pranab Mukherjee on 8 May 2014. RuPay cards are also issued under the Jan Dhan Yojana scheme. 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.
Other Products of NPCI:
- RuPay Credit Card
- National Common Mobility Card (NCMC) and
- National Electronic Toll Collection (NETC).
With these products the aim is to transform India into a ‘less-cash’ society by touching every Indian with one or other payment services.