The National Payments Corporation of India (NPCI) is aiming to implement blockchain technology and will review the potential for its distributed ledger technology (DLT) to strengthen digital transactions across India.
The NPCI is described as a non-profit organisation supported by India’s central bank, the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). It is promoted by 10 banks, including the State Bank of India (SBI), ICICI Bank and HSBC, and as of 2016 had 56 banks as shareholders.
The organisation operates as an umbrella for retail payments across India and will examine how blockchain can create a “resilient, real-time and highly scalable” solution for the payments space. It has begun the process by issuing an Expression of Interest (EoI) so that interested parties can sign up to the project and.
NCPI was the organisation behind the Unified Payments Interface (UPI) system, which is used by many payment solution platforms in India.
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