NPCI Full Form: What Does NPCI Stand For?
Do you want to know what is full form of NPCI is? Then, here you will come to know what Does NPCI stand for? Also all possible Full Form of NPCI.
Table of Contents
NPCI Full Form
The term NPCI has many full forms, but out of which most relevant full form is-
NPCI Full Form is – National Payments Corporation of India
The Reserve Bank of India established the National Payments Corporation of India, which is envisioned as a mother organization for India’s multiple retail payment systems. It is a non-profit organization created in 2008 and incorporated under Section 8 of the Companies Act 2013. A collection of significant financial firms owns it.
What is NPCI Organization?
Keeping in view the usefulness of the National Payments Corporation of India and its objectives, it has been registered as a “Not for Profit” entity under section 25 of the Companies Act 1956. Accordingly, NPCI was issued a certificate of business in April 2009. The authorized capital is valued at ₹3 billion (US$43.8 million), and the paid-up capital is ₹1 billion (US$14.6 million).
There are ten core promoter banks (State Bank of India, Canara Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, ICICI Bank, Bank of India, Citibank, HSBC and HDFC Bank).
Which are the Products launched by NPCI?
The products launched by the National Payments Corporation of India (NPCI) are as follows;
- RuPay Card
- BHIM (Bharat Interface for Money) app
- Immediate Payment Service (IMPS)
- Unified Payment Interface (UPI)
- National Financial Switch (NFS)
- National Automated Clearing House (NACH)
- National Common Mobility Card
- Check Truncation System (CTS)
- Aadhaar Enabled Payment System (AePS)
- *99 #
- Bharat Bill Payment System
- Query Service on Aadhaar Mapper (*99**99#)
What are the Achievements of NPCI?
Achievements of National Payments Corporation of India (NPCI)
The number of digital payments through UPI in India has crossed 1 billion every month. Keep in mind that this payment through UPI was only Rs 0.1 million in October 2016, which has increased to Rs 1.3 billion in January 2020. This achievement is so big that Google has written a letter to the Federal Reserve Bank of America that they should learn from the progress made in India’s digital payments sector.
What is the Growth of Digital Transactions in India?
Growth of Digital Transactions in India
The growth rate of digital transactions in India is expected to be 18.3% annually between 2020-2023. If this happens, then by 2023, the total amount of digital transactions in India will be the US $ 134,588 million, while in 2020, this amount is US $ 81197 million.
In 2020 alone, digital transactions of US$ 81,197 million have taken place in India, in which digital commerce contributes US$ 71,544 million. If we talk about digital transactions worldwide, then in 2020 alone, digital transactions of US $ 1,928,753 million have taken place in China.
What is NPCI Mapping Option?
NPCI mapping option Paytm and CSC
The option of NPCI mapping has been made to Paytm and the CSC of the concerned bank, i.e. Customer Service Center. It is necessary to do an e-KYC of the accounts of the beneficiaries for the grant. Without this, the farmers can’t get the benefit of any scheme of the government.
E-KYC of the beneficiary is done when the transaction is done through Paytm and the customer care centres of the bank related to the account. After e-KYC, the amount of subsidy under any government scheme starts getting paid in farmers’ funds.
NPCI mapping in bank accounts has been made mandatory for farmers to take advantage of subsidies in government schemes. Generally, people cannot get the benefit of the grant if they are not aware of it. At the same time, due to the arbitrariness of banks and lack of information, farmers have to face difficulties in getting benefits of schemes like drought and diesel subsidy or crop compensation etc. So farmers keep circling the bank and DAO office. But after the NCPI mapping is done, the grant will reach the farmers directly in their accounts.
What is NPCI Full Form in Banking?
In Banking Full Form of NPCI is – National Payments Corporation of India
What Does NPCI Stand For?
NPCI stands for – National Payments Corporation of India
What is Full Forms of NPCI?
Now, here is the complete Full-Form list of the term NPCI.
| Sr. No. | Term | Category | NPCI Full Form |
|---|---|---|---|
| 1 | NPCI | Banking | National Payments Corporation of India |
| 2 | NPCI | Technology | Network Protocol Control Information |
| 3 | NPCI | Uncategorized | Nikon Photo Contest International |
| 5 | NPCI | Biosensor | Normalized Pigment Chlorophyll Index |
| 6 | NPCI | Uncategorized | National Payments Council of India |
| 9 | NPCI | Uncategorized | National Petrochemical Company of Iran |
| 10 | NPCI | Uncategorized | National Policy on the Construction Industry |
| 11 | NPCI | Business | National Potato Chip Institute |
| 12 | NPCI | Uncategorized | Native Plant Conservation Initiative |
| 13 | NPCI | Business | Natural Products Consulting Institute |
| 14 | NPCI | Business | Net Payment Cost Index |
| 15 | NPCI | Business | Nominal Protection Coefficient on Input |
| 16 | NPCI | Uncategorized | Non-Public Customer Information |
| 17 | NPCI | India | Nuclear Power Corporation of India |
| 18 | NPCI | India | Nuclear Power Corp of India |
FAQ’s
What is Meaning of NPCI?
NPCI Means – National Payments Corporation of India
How can I check my NPCI status?
You can check the status of your Aadhaar number mapping with NPCI by dialling 9999# from your mobile.
Final Words: I hope you get what you want to know about NPCI. If you want to know the full forms of other term, then please ask by comments or email. Your valuable comments are always welcome.
