NPCI – Changing the way we do Banking in India

By | February 26, 2017

NPCI is one of the success stories of Indian Economy. A dynamic organization, Operating under the guidance and support NCPI of Reserve Bank of India. From a modest beginning in 2008 it has become an umbrella organization of retail payments. It has ten promoter banks and operates multiple services (Starting with NFS and latest being the UPI). The list of products managed by NPCI is ever expanding bringing the way we are banking to a new level. From a Nightmarish experience, banking has been made to be a delight now.Especially products like IMPS and UPI.

IMPS, UPI have made sure that your money is available to you 24/7/365.  No Long queues, Its a click of button, within seconds response are the main advantages of these applications. In fact NPCI has brought a silent revolution in the way we are banking now.

Another great service is that, It has entered into the debit card space, which has been immensely helpful to get the rural folk into the financial inclusion. The Pradhanmantri Jan Dhan Yojana has been successful largely because of the NPCI. Another Important achievement is having an Indian payment gateway to save billions of foreign exchange. Previous to this the payment gateways are operated by the Foreign companies and billions of rupees worth foriegn exchange is siphoned off as their profits. RUPAY has arrested this trend.

The statistics are staggering and growing day by day. If this trend continues, we are going to see the success of digital India and Cashless India. Each of the product has achieved staggering heights and it is one way shooting up.

As on end of Jan 2017, there are 192 banks participating in IMPS and the volumes are above 7o Lak transactions per month amounting to 5K crores. There are more than 20 Million rupay cards issued. Bhim has achieved 3K + Million rupees in transactions. UPI has achieved a transaction volume of 16000 Mn rupees.

In addition to the existing systems, the Organization is also into Bharat Bill Payment system (BBPS), Aadhar Enabled Payment System (AEPS), #99 services etc. The Organisation is One key step in transforming India into a Digital Economy. They are even planning to enter the credit car universe in India which will make the foreign Payment Processing companies run for their Money

Let us all shift to

Disclaimer : The picture in this post is owned by NPCI and their trademark. We have no association other than any other Indian citizen with the the organization.