National Payments Corporation of India (NPCI) was established by the RBI and Indian Banks Association (IBA). The purpose of creating NPCI was to operate settlements and retail payments systems. It was established in 2008. You can read about the National Payments Corporation of India (NPCI) – An Overview of Objectives, Products in the given link.
NPCI is a not-for-profit organisation. Some of the most important and popular products developed by NPCI are Unified Payments Interface (UPI), Bharat Bill Payment System, Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System, RuPay, Immediate Payment Service.
Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Cashless Economy in India – UPSC GS-III Notes
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Related Links |
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SWIFT (Society for Worldwide Interbank Financial Telecommunication) |
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Cash Reserve Ratio (CRR)- Repo Rate & Reverse Repo Rate (UPSC Notes) |
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