The National Payments Corporation of India (NPCI), the umbrella institution for all retail payment system in the country that has the objective to provide affordable payment mechanism for common man, has stressed the need for bringing regional rural banks (RRBs) under its network.
Speaking at the plenary session on ‘Competing in the defining decade for Indian banking-outlooks and 2020’, Mr A.P. Hota, Chief Executive Officer of NPCI, said here that all customers of RRBs should be given this facility of retail payment system.
Giving the details of infrastructure available with NPCI, he said the corporation is well positioned to handle mobile payments in the country.
“We have built the highway. Banks have to use it,” he said.
Stating that nearly 30 banks are a part of NPCI network, he urged bankers to bring RRBs sponsored by them under this network.
Expressing confidence that there will be increase in the volume of transactions in the years to come, he said there has been four-fold increase in the last two years.
Mr Hota suggested that banks compete for providing services. “We will provide infrastructure,” he said.
On RuPay (the Indian domestic card payment network set up by NPCI), he said that many countries in the world have their own card payment system. There is a huge market for card payment in India. This will provide good opportunity to everyone to play.