National Payments Corporation of India

The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It was created by RBI for operating retail payments and settlement systems in India. Organisation Founded in December 2008, the NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. 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. The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at and paid-up capital is . Initially, there were ten promoter banks viz. State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. In 2016, the shareholding was diluted to include 13 additional public sector banks, 15 additional private sector banks, 1 additional foreign bank, 10 multi-state co-operative banks and 7 regional rural banks. The Board consists of Biswamohan Mahapatra as the Non Executive Chairman, Nominees from the Reserve Bank of India and Nominees from ten core promoter banks. Dilip Asbe is the current managing director and chief executive officer of the NPCI after A. P. Hota, who retired from the post on 10 August 2017. NPCI International Payments Limited (NIPL) NPCI has created a separate subsidiary to take its product to global market. The organization is getting offers from nations around Asia, Africa and the Middle East to improve their payment infrastructure. Internationalization of RuPay and Unified Payment Interface (UPI) are the primary focus of the NPCI International Payments Limited (NIPL).