National Payments Corporation of India gets 1,000 banks on its network – Feedback

National Payments Corporation of India (NPCI), the domestic umbrella organisation for all retail payments system, have attained a milestone as about 1,000 banks have joined its centralised network christened as National Automated Clearing House (NACH) system that helps processing bulk payments.

“With 1000 plus member bank participants now, we are well poised to support government’s efforts for modernising payment standards and digitising money transfers,” said A P Hota, MD & CEO, NPCI. “It is expected to cover the entire core banking enabled bank branches spread across the country.” NACH is also helping the government to implement Direct Benefit Transfers (DBT) schemes. It covers schemes like MNREGA, social security pension, old age pension, LPG subsidy.

http://economictimes.indiatimes.com/industry/banking/finance/finance/new-milestone-national-payments-corporation-of-india-gets-1000-banks-on-its-network/articleshow/51497452.cms

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *