Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems 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 turning this vision a reality. National Payments Corporation of India (NPCI) was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers. The authorized capital has been pegged at Rs 300 crore and paid up capital is Rs 100 crore so that the company can create infrastructure of large dimension and operate on high volume resulting payment services at fraction of the present cost structure.
Presently, there are ten core promoter banks ( 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). The Board constitutes of Shri Balachandran M as the Chairman, Nominee from Reserve Bank of India, Nominees from ten core promoter banks, two Independent Directors and Shri A.P.Hota, Managing Director and Chief Executive Officer, NPCI. The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) at its meeting held on September 24,2009 has approved in-principle to issue authorisation to NPCI for operating various retail payment systems in the country and granted Certificate of Authorisation for operation of National Financial Switch (NFS) ATM Network with effect from October 15, 2009. NPCI has deputed its officials to IDRBT Hyderabad and NPCI has taken over NFS operations from December 14, 2009. Membership regulations & rules are being framed for enrolling all banks in the country as members so that when the nation-wide payment systems are launched, all would get included on a standardized platform.
A Technical Advisory Committee has also been constituted with two eminent professors of IIT, Mumbai. Prof.N.L.Sarda is the Chairman and Prof.G.Sivakumar is the Co-Chairman of the Technical Advisory Committee. Members in these committees are drawn from banks at the level of Deputy General Manager/ Asst. General Manager.
Brand Logo Philosophy
The NPCI symbol uses the acronym of the organization’s name. The letter forms are arranged to reflect solidity with progressiveness and dynamism. The use of the red dot and swirl make the entire image unique and memorable. The swirl also communicates worldwide presence. The green and red combination is reminiscent of the Indian National colors. It presents a fresh, individualistic and environmentally conscious message to the world.
The company logo of NPCI was unveiled at the hands of the ex-chairman of NPCI Board Shri N R Narayana Murthy at the Board Meeting held on 23- 10- 10.