National Payments Corporation of India


What is the Full form of NPCI? NPCI Meaning

NPCI Full Form – National Payments Corporation of India or NPCI is a business unit or specialised division of RBI or the Reserve Bank of India. It is under the jurisdiction of the Ministry of Finance, Government. It is also established by the IBA or the Indian Bank Association. Hence, it is a public banking sector. It is owned by major banks and has been promoted by the Central Bank of India. Its main objective and the reason why it was created by the RBI was to operate retail payments and settlement systems in India. NPCI is a non-profit organisation under Section – 8 of the Companies Act 2013. NPCI was founded in December 2008. It received the Certificate of Commencement of Business in the year 2009. NPCI provides many services like the BBPS or Bharat Bill Payment System, Aadhar Enabled Payment System, BharatQR, BHIM, CTS or Cheque Truncation System, RuPay, RuPay Contactless, UPI or Unified Payments Interface, and many more. NPCI also created services like NIPL (NPCI International Payments Ltd.) and NBBL (NPCI Bharat BillPay Ltd.).