National Payments Corporation of India
NPCI
Intermediate Level
India
Banking & Finance
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Definition
The umbrella organization for retail payments systems in India, operating UPI, IMPS, and RuPay.
Detailed Explanation
Founded in 2008, NPCI is a not-for-profit company owned by a consortium of banks. It developed UPI, IMPS, RuPay, NACH, and BBPS. NPCI aims for universal digital payment access.
Example
RuPay cards issued by NPCI are accepted at millions of ATMs and POS terminals across India.
Local Context (India)
NPCI has been instrumental in India's journey towards a less-cash economy.
Related Terms
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Liquidity
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R
Reserve Bank of India
India's central banking institution that controls...
U
Unified Payments Interface
A real-time payment system developed by NPCI enabl...
N
Non-Banking Financial Company
A company registered under the Companies Act that...