National Payments Corporation of India

At a glance

What it does

The National Payments Corporation of India runs most of India’s retail payment systems. NPCI was incorporated in December 2008 as a not-for-profit company, an initiative of RBI and the Indian Banks' Association under the Payment and Settlement Systems Act, 2007.^{1ICRA. National Payments Corporation of India: rating rationale. As of 30 June 2025.} NPCI was promoted by 10 banks, and its shareholding was spread across 65 entities as of 31 May 2025.^{1ICRA. National Payments Corporation of India: rating rationale. As of 31 May 2025.} RBI classified NPCI as a system-wide important payment system in June 2020.^{1ICRA. National Payments Corporation of India: rating rationale. As of 30 June 2025.}

Systems it runs

UPIUnified Payments Interface. NPCI's real-time system for paying from a bank account with a UPI ID, QR code or phone number, through apps on a phone. is the best known. In August 2026 it processed 24.51 billion transactions^{4Business Standard. UPI sets new record at 24.51 bn transactions in Aug, value at ₹29.82 trn. As of 31 August 2026.}. NPCINational Payments Corporation of India. A not-for-profit company set up in 2008 as an initiative of RBI and the Indian Banks' Association, owned by banks. It runs retail payment systems such as UPI and the National Financial Switch. also runs the switch that connects ATMs across banks, and it operates cheque clearing. NPCI took over operation of the National Financial Switch from IDRBT with effect from 14 December 2009, under an RBI authorisation.^{2National Payments Corporation of India. Takeover of NFS by NPCI from IDRBT (NPCI/NFS/OC No.1). As of 18 December 2009.} RBI asked NPCI to build the Positive Pay facility into CTS and make it available to participant banks, and refers to the CTS grids that NPCI runs.^{3Reserve Bank of India. Positive Pay System for Cheque Truncation System (RBI/2020-21/41). As of 25 September 2020.}

Not an RBI subsidiary

NPCI was set up at the initiative of RBIReserve Bank of India. India's central bank. It regulates banks and payment systems, runs RTGS and NEFT, and holds the accounts in which banks settle with one another. and the Indian Banks’ Association and is owned by banks. RBI authorises and oversees the systems it runs, but does not own it. This site does not describe NPCI’s internal systems, which are not publicly documented.

Connections

• IDRBT: NPCI took over NFS operations from IDRBT with effect from 14 December 2009.²
• RBI: RBI authorises NPCI to operate payment systems under the Payment and Settlement Systems Act, 2007.²