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Unsourced material may be challenged and removed. India, which aims to allow all Indian citizens to have unrestricted access to e-payment services. Founded in 2008, NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013. The organisation is owned by a consortium of major banks, and has been promoted by the country’s central bank, the Reserve Bank of India.
Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions. More than 250 million cards have been issued by various banks, and it is growing at a rate of about 3 million per month. Kisan Card’ is now being issued by all the Public Sector Banks in addition to the mainstream debit card which has been issued by 43 banks. The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009.
The Board consists of B. Sambamurthy as an interim chairman, Nominee from Reserve Bank of India and Nominees from ten core promoter banks. Sambamurthy, former director and CEO of IDRBT, prior to it, chairman and managing director of Corporation Bank, was appointed as interim chairman replacing Balachandran M after his retirement.