NPCI Full Form

What is the full form of NPCI?

The full form of NPCI is National Payments Corporation of India. All the retail payment companies in India, it is a collaborative organisation. NPCI was established and supported by the Indian Banks Association under the RBI (Reserve Bank of India). Under the provisions of the Settlement & Payment Systems Act 2007, NPCI was created.

There are ten core promoter banks within the NPCI, including PNB, SBI, Canara Bank, Union Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, HSBC & Citibank. In recent years, when the Indian government promoted the entire digitisation of money and digital payments, NPCI greatly impacted retail transactions.

Key objectives of NPCI

The NPCI ‘s fundamental goal is to provide improved infrastructure for the entire banking industry to introduce electronic and physical settlement and money transfer systems. The main objectives of the NPCI are:

  • NPCI ‘s primary goal is to simplify, merge and incorporate various payment systems with varying standards of coverage into a single uniform national standard and business process for all retail money transactions.
  • Another NPCI goal is to bring technological innovations in retail payment to achieve greater efficiency in operations and widen the reach of payment systems.
  • Thus, NPCI operates in developing and implementing a national system that retailers can use daily and ensures that the same system is uniformly standardised all over the nation.

Services of NPCI

There are many services offered by the NPCI. A few are listed below:

NFS (National Financial Switch)

It is a shared ATM network through which the ATMs in the country are managed. It facilitates services such as cash withdrawal, card-to-card funds transfer and cash deposit transactions.

IMPS (Immediate Payment Service)

It facilitates real-time payments in the retail sector.


It is an Indigenously developed payment system. It issues debit, credit and prepaid cards by banks in India. It has footprints globally due to alliances with various international network partners.


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