Current Affairs

Biswamohan Mahapatra appointed as Non-Executive Chairman of NPCI

The National Payments Corporation of India (NPCI) has appointed Biswamohan Mahapatra as Non-Executive Chairman for a period of two years with effect from 8th February 2018.
  • He succeeds B Sambamurthy who was the interim chairman.
  • Last month NPCI had appointed Dilip Asbe as its managing director and CEO.

NPCI (National Payments Corporation of India)

  • The National Payments Corporation of India is the umbrella organization for all retail payment systems in India, which aims to allow all Indian citizens to have unrestricted access to e-payment services.
  • It was founded in 2008 and is owned by a consortium of major banks.
  • It has its headquarters in Mumbai, Maharashtra.
  • NPCI is a not-for-profit organization registered under section 8 of the Companies Act 2013. 
  • It was set up as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility in the country.
  • From a single service of switching of interbank ATM transactions through National Financial Service, the range of services has grown to Cheque Truncation System, National Automated Clearing House (NACH), Aadhaar Enabled Payment System (AePS), USSD based *99#, RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat Bill Pay.
  • 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).
Biswamohan Mahapatra appointed as Non-Executive Chairman of NPCI Biswamohan Mahapatra appointed as Non-Executive Chairman of NPCI Reviewed by Aman Bhatia on February 12, 2018 Rating: 5

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