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Establishing Real-Time Payment Link Between India and US

Context:

The National Payments Corporation of India (NPCI) is set to establish real-time payment link between India and the US.

  • The initiative aims to leverage NPCI’s expertise in cross-border payments

Relevance:

GS III: Indian Economy

National Payments Corporation of India (NPCI):

  • Purpose:
    • Acts as an umbrella organization for managing retail payments and settlement systems in India.
  • Initiative:
    • Established as a joint initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007.
  • Legal Status:
    • Registered as a “Not for Profit” Company under Section 25 of the Companies Act 1956 (now Section 8 of the Companies Act 2013).
  • Promoters:
    • Promoted by ten major banks, including the State Bank of India, Punjab National Bank, Citibank, Bank of Baroda, and HSBC.
  • Regulatory Board:
    • Headquartered in Mumbai, it is governed by a regulatory board consisting of nominees from the RBI and ten core promoter banks.

-Source: The Indian Express, Hindustan Times


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