National Payments Corporation of India (NPCI)

  •  It is the umbrella organisation for all retail payment systems in India, which aims to allow all Indian citizens to have unrestricted access to e-payment services.
  • Founded in 2008, NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013.
  • The organisation is owned by a consortium of major banks, and has been promoted by the country’s central bank, the Reserve Bank of India.
  • Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions.
  • It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes.