What is the full form of NPCI in banking & finance?
The full form of NPCI is National Payments Corporation of India. It is an organization set up by the Reserve Bank of India (RBI) and Indian banks to facilitate digital payment services in the country. NPCI plays a major role in developing and managing payment systems like UPI, RuPay, and IMPS.
Definition of NPCI
NPCI is responsible for managing the infrastructure of digital payment systems in India. Its mission is to create secure, fast, and low-cost payment methods. It supports a range of payment products like Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) to make financial transactions easier for Indian consumers.
Use of NPCI
NPCI helps in promoting cashless transactions by providing a secure platform for digital payments. It enables easy money transfers through services like UPI (Unified Payments Interface) and supports mobile wallets, credit cards, and debit cards across the country. NPCI ensures the smooth functioning of digital banking and helps make India a digital payment hub.
