The National Payments Corporation of India is not a state-owned corporation. It is a private, not-for-profit corporation that is registered in Section 8 under the Companies Act, 2013. It was founded in 2008 in the spirit of the Reserve Bank of India and Indian Banks’ Association under the rules under the Payment and Settlement Systems Act 2007 NPCI is a crucial organization to manage and promote the retail payment system in India.
NPCI is owned by a consortium made up of banks. The ten promoter banks that make up the company include State Bank of India, Canara Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Bank of India, HDFC Bank Limited, ICICI Bank Limited, HSBC and Citibank N.A. Although the public sector banks collectively hold the majority of stakes, NPCI is an independent non-profit organization.
Here’s a quick review of NPCI
| Details | Info |
| Founded | 19 th December 2008 |
| Founder | Reserve Bank of India and Indian Banks’ Association |
| Headquarters | Mumbai, Maharashtra, India |
| CEO | Dilip Asbe |
| Industry | Payments |
| Products | UPI, RuPay, Bharat Bill Payment System NACH BHIM app, and many more |
| Owner | Consortium of Banks |
| Official Website | www.npci.org.in |
Company History
NPCI was registered as a not-for-profit corporation on 19 19 Dec 2008. It was created in the Reserve Bank of India and Indian Banks’ Association to build a strong and integrated infrastructure for settlements and payments to retail customers in India as per the Payment and Settlement Systems Act in 2007.
NPCI was awarded its Certificate of Commencement of business in the month of April. In 2010 NPCI introduced Immediately Payment Service or IMPS which allows real-time interbank fund transfers over the mobile or internet banking. In the year 2016 the shareholding of NPCI was enlarged beyond the 10 bank promoters to 13 more government sector banking institutions 15 more private sector banks 10 cooperative banks that are multi-state and 7 regional rural banks, and one more foreign-owned bank which brought the total number of member banks up to 56.
NPCI introduced its renowned Unified Payments Interface or UPI in April of 2016. Then, it introduced the BHIM application, Bharat Bill Payment System as well as other financial payment infrastructures and platforms.
Current Status
NPCI is the leading umbrella organisation for India’s payments infrastructure. Its most popular product, UPI, is the world’s biggest real-time payment system in terms of volume. Other products and services of the company are RuPay debit and credit cards, IMPS, FASTag, Bharat Bill Payment System, National Automated Clearing House or NACH, Aadhar Enabled Payment System and the BHIM application.
NPCI processes over 650 million transactions daily. The company has also internationalized UPI as well as RuPay via its affiliate NPCI International Payments Limited.
Future Outlook
The flagship product of NPCI, UPI, is expected to hit the milestone that 1 million transactions occur daily by the end of FY28. Additionally, UPI is likely to be the main source of 90 percent of India’s digital retail payments by 2026-27. NPCI is slated to introduce next-generation enhancements to speedier processing, AI-driven fraudulent detection, greater scalability as well as real-time data analytics.
