Definition
NPCI
NPCI is the National Payments Corporation of India, the umbrella organisation that operates retail payment systems including UPI, RuPay and IMPS.
NPCI runs the rails behind much of India's digital payments revolution — UPI, RuPay cards, IMPS, AePS and the National Automated Clearing House. Set up as a not-for-profit by banks under RBI and IBA guidance, it builds shared infrastructure that any participating bank can use.
UPI in particular has made India a global leader in real-time retail payments, processing enormous transaction volumes. NPCI also exports its model abroad and supports the broader push toward a less-cash economy alongside the RBI's payment-system oversight.
Related terms
- Direct Benefit Transfer (DBT)Direct Benefit Transfer is the routing of government subsidies and welfare payments straight into beneficiaries' bank accounts to cut leakage and middlemen.
- Reserve Bank of India (RBI)The RBI is India's central bank and monetary authority, responsible for issuing currency, setting policy rates, regulating banks and managing the government's debt.
- CBDC (Digital Rupee)The CBDC, or Digital Rupee, is a central bank digital currency issued by the RBI as a sovereign digital form of cash.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.