Main Note - [Payment Systems](Payment%20Systems.md) 1. The National Payments Corporation of India (NPCI) was incorporated (registered) as a not-for-profit company under Section 25 of the Companies Act, 1956 (but now Section 8 of the Companies Act 2013). 2. It was established in 2008 with the support of RBI (not owned by the RBI) and several banks. RBI did not have any equity in it. 3. Initially, there were 10 banks as promoters, but over the years its shareholding has diversified and is now owned by several banks 4. NPCI is authorised by Reserve Bank of India under the PSS Act, 2007 to operate as a payment systems. The Payment and Settlement Systems Act 2007 (PSS Act) mandates that entities that want to start a payment system in India need to obtain authorisation from the Reserve Bank. ## Payment Systems Operated by the NPCI  1. It has been [authorised](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043) under the PSS Act, 2007 to operate the following payment systems:  1. National Payments Corporation of India (NPCI)  1. National Financial Switch (NFS), since Oct 15, 2009  2. Immediate Payment System (IMPS), since Oct 12, 2010  3. National Automatic Clearing House (NACH), since May 23, 2013  4. Aadhaar Enabled Payments System (AEPS) Jan 11, 2011  5. Operation of Cheque Truncation System ([Cheques](Cheques.md)), since Sept 21, 2011  6. Unified Payments Interface, since Aug 24, 2016  7. National Electronic Toll Collection (NETC), since Feb 11, 2019 2. NPCI Bharat BillPay Limited 1. Interoperable Mobile and Net Banking solution- ‘Banking Connect/NetBanking 2.0 - since 09.12.2025 | [Press Release by NPCI](NPCI_Press%20Release_202510_RBI%20Governor%20unveils%20New%20Generation%20of%20Digital%20Payment%20Initiatives%20at%20GFF%202025.pdf) 2. Bharat Bill Payment System (BBPS) - It is a bill payment platform, which offers different payment modes 3. NPCI International Payments Limited (NIPL) 1. All approvals related to international activities given to NPCI have been transferred to NPCI International Payments Limited (NIPL), a wholly owned subsidiary of NPCI, with effect from August 10, 2020 2. Affiliation of RuPay Cards (debit cards/ prepaid cards) (since 12.07.2012) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. 3. **Thus it is a dominant retail payment systems infrastructure In India** 4. NPCI has been set up as an umbrella organization owned and operated by the banks. ## Regulation and Supervision 1. [Oversight of Payment Systems](Oversight%20of%20Payment%20Systems.md) ## Related Notes 1. [Payment Systems](Payment%20Systems.md) ## References 1. [Link](Payment%20Systems.md#References)