National Payments Corporation of India

The National Payments Corporation of India, or NPCI, is the umbrella organisation for retail payment and settlement systems in India. It provides common, interoperable payment infrastructure and is a not-for-profit company, rather than the regulator of payment systems.

Institutional status

NPCI was incorporated in 2008 under Section 25 of the Companies Act, 1956, corresponding to a Section 8 company under the Companies Act, 2013. It was established through an initiative of the Reserve Bank of India and the Indian Banks' Association.

• NPCI is a corporate entity promoted by participating financial institutions, not a ministry or statutory regulator.
• Its payment systems operate under RBI authorisation and oversight pursuant to the Payment and Settlement Systems Act, 2007.

Core mandate

NPCI's mandate is to provide the banking and financial system with nationwide infrastructure for efficient, accessible and interoperable retail payments.

• It develops, operates and maintains common payment networks, technical standards and operating arrangements.
• It facilitates interbank transaction routing, clearing, settlement support and interoperability among participating institutions.
• Its major platforms include UPI and IMPS, RuPay and NACH, the Aadhaar Enabled Payment System and the National Financial Switch.
• It promotes innovation, wider reach and efficiency in electronic retail payments.

Place in the payments ecosystem

The RBI regulates and oversees payment systems, while NPCI functions primarily as a payment system operator. Banks, payment service providers and other authorised participants connect to NPCI-operated systems to offer services to customers.

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