● NPCI is an umbrella organization for operating retail payments and settlement systems in India. ◦ It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement SystemsAct, 2007, for creating a robust Payment and Settlement Infrastructure in India. ◦ It has been incorporated as a not for profit company. ◦ The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency inoperations and widening the reach of payment systems. ● Initial promoters: ◦ The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.