Wednesday, 9 May 2012

National Payments Corporation of India

National Payments Corporation of India (NPCI) is an umbrella institution for all the retail payment systems in the country. The core objective behind NPCI was to:
- integrate multiple retail payment systems into a nation-wide uniform and standard business process 
- facilitate an affordable payment mechanism to benefit the common man and help financial inclusion.

- It was incorporated in December 2008 as a Section 25 company under the Companies Act, and began work in 2009.
- The authorized capital has been pegged at Rs 300 crore and paid up capital is Rs 60 crore (so that the company can create infrastructure of large dimension and operate on high volume resulting payment services at fraction of the present cost structure).
-  Presently (May 2012) it has 10 core promoter banks.
- The Board of NPCI is chaired by N.R. Narayana Murthy

NPCI has introduced an Interbank Mobile Payment Service (IMPS) which offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.