The demonetization and outbreak periods have only increased the rate and frequency of digital transactions we made through different ways of payment. To protect the personal information of your digital payments, a regulator must be in operation. This is when the NPCI enters the scene. So let’s see what is NPCI.
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NPCI full form in banking:
The National Payments Corporation of India was established to manage India's different retail financial and banking technologies. Under the rules of the Payment and Settlement Systems Act, 2007, NPCI is a joint venture of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA). The NPCI has made a significant contribution to India's current payment system through a variety of FinTech developments.
What is NPCI in banking and its purpose?
The mission of the National Payments Corporation of India (NPCI) is to create a safe and secure financial and banking system for digital payments in India.
By expanding its research to the most remote regions of the country, NPCI hopes to convert India into digital banking.
Through numerous technological advancements and upgrades, NPCI aims to increase and improve digital payments as well as their operating efficiency.
Former President Pranab Mukherjee proposed this digital payments regulator, which Prime Minister Narendra Modi accepted. Under the Pradhan Mantri Jan Dhan Yojana, it was then turned into a card of selection.
Establishment of NPCI:
The first clearance to issue an authorisation to NPCI for managing various retail payment systems in the country came from the Department of Payment and Settlement Systems (DPSS).
Since October 15, 2009, NPCI has also been given a Certificate of Authorization for the operation of the National Financial Switch (NFS) and ATM Networks.
The company has also introduced their personnel at the Hyderabad-based Institute of Development and Research in Banking Technology (IDRBT) and has taken over NFS services as of December 14, 2009.
The enrollment rules and procedures were created with the goal of enlisting all of the country's banks as members.
Prof.N.L. Sarda, the Chairman, and Prof.G.Sivakumar, the Co-Chairman, make up NPCI's technical advisory group.
Services provided under NPCI:
Rupay, IMPS, UPI.
Bharat Billpay, Bharat QR, BHIM.
BHIM Aadhaar Pay, AePS, APBS.
NACH, NETC, *99#.
I hope you understand now what is NPCI.
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What is NPCI?
Arshan
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2 Year
2022-05-31T13:44:03+00:00 2022-05-31T13:44:04+00:00Comment
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