Kirti Delhi, India 226 Questions 325 Answers 23 Best Answers 1k Points View Profile Kirti Asked: June 9, 20212021-06-09T11:21:56+05:30 2021-06-09T11:21:56+05:30In: UPSC PRELIMS Describe National Payments Corporation of India (NPCI)? Describe National Payments Corporation of India (NPCI)? general Share Facebook 1 Answer Recent Rajnish Optimist 145 Questions 255 Answers 237 Best Answers 1k Points View Profile Best Answer Rajnish Optimist 2021-07-10T04:09:58+05:30Added an answer on July 10, 2021 at 4:09 am National Payments Corporation of India (NPCI): National Payments Corporation of India (NPCI), 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. NPCI has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI has made a significant impact on the retail payment systems in the country. Some of the payment systems operated by NPCI include: RuPay: RuPay is an Indigenously developed Payment System – designed to meet the expectation and needs of the Indian consumer, banks and merchant eco-system. RuPay supports the issuance of debit, credit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India. UPI: Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. Immediate Payment Service (IMPS): IMPS allow transferring of funds instantly within banks across India which is not only safe but also economical. Aadhaar enabled Payment System (AePS): To access funds at door step & drive the financial inclusion in India, Aadhaar enabled Payment System (AePS) has been introduced. Since inception it has become instrumental to increase accessibility of basic banking services in underserved areas National Electronic Toll Collection (NETC): National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market. It provides an electronic payment facility to the customer to make the payments at national, state and city toll plazas by identifying the vehicle uniquely through a FASTag. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It offers round the clock availability of fund transfer on all days of the year. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Cancel the best answer Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is E-Waste? Describe Narrow Band-Internet of Things (NB-IoT).