- November 6, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
Subject : National Organisation
Context : WhatsApp has developed a payment feature using the Unified Payment Interface (UPI) with the National Payments Corporation of India (NPCI).
National Payments Corporation of India (NPCI)
- It is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
- It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
- The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.
- In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.