Dear Readers,
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association(IBA).
The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.
IBA's untiring efforts during the last few years helped to turn this vision into a reality. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers. The authorized capital was pegged at Rs 300 crore and paid-up capital was Rs 100 crore. The aim is to create the infrastructure of large dimension and operate on high volumes resulting in payment services at a fraction of the present cost structure.
NPCI has ten promoter banks namely-
1. State Bank of India
2. Punjab National Bank
3. Canara Bank
4. Bank of Baroda
5. Union Bank of India
6. Bank of India
7. ICICI Bank
8. HDFC Bank
9. Citibank and
10. HSBC.
The Board constitutes of Shri Balachandran M as the Chairman, Nominee from RBI, Nominees from ten core promoter banks, two Independent Directors and Shri A. P. Hota, Managing Director, and Chief Executive Officer, NPCI.
Brand Logo Philosophy:-
NPCI logos signify the speed at which the organization is achieving new milestones which adds to setting higher benchmarks to match global standards. The shades Blue, Saffron, and Green represent the colours of the Indian flag that pay homage to the organization’s deep roots. Blue is a primary corporate colour, associated with depth and stability. It indicates trust, loyalty, wisdom, confidence, intelligence, and faith. Saffron radiates warmth and happiness by combining the physical energy and stimulation of red with the cheerfulness of yellow. Green implies balance, harmony, and growth. The company logo of NPCI was unveiled at the hands of the M Balachandran, chairman, NPCI at the Board Meeting held on December 15, 2015.
Products and Services of NPCI:-
1. National Financial Switch (NFS)
2. Bharat Interface for Money (BHIM)
3. Unified Payments Interface (UPI)
4. National Automated Clearing House (NACH)
5. Rupay Card
6. Bharat Bill Payment System (BBPS)
- http://www.bankersadda.com/2017/04/banking-awareness-study-notes-for-bank24.html
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