What is npci c2c transfer?
The National Payments Corporation of India (NPCI) used to operate under the support of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA). To merge various systems into a standardised business process across India, NPCI is well utilised as the retail payment mode. Another major objective of NPCI is to make payments an affordable process that also helps the common public during financial inclusion.
Under the PSS act of 2007, as per the authorisation of RBI, NPCI can operate the following systems:
NPCI’s full form in banking terms is National Payments Corporation of India. It is a not a profit organisation which facilitates, nurtures and fosters the adoption of electronic payments in India. NPCI is taken care of by a board of banks of India and operates one of India's domestic card payment networks and real-time payment systems that have become a beacon of hope for the future and advancement of the economic system growth in India.
Through various FinTech innovations, the National Payments Corporation of India (NPCI full form) has contributed significantly to India's current payments ecosystem. Below are some of his outstanding services:
The National Finance Switch (NFS) is India's largest network of shared ATMs. It was incorporated to interconnect ATM machines in the country and foster convenient banking. NPCI has taken this over from the Institute for Development and Research in Banking Technology (IDRBT). Over the years, the NFS ATM web has evolved into India's leading multilateral ATM network.
National Finacial Switch has demonstrated a strong and sustainable working model with in-house abilities, which can now be easily compared to other prominent switch networks. NFS has oriented a sub-membership model that allows smaller regional banks RRB and local cooperative banks to get involved in the network. NFS has also collaborated with a few global card schemes like Discover Financial Service (DFS), Japan Credit Bureau(JCB) and China UnionPay International (CUPI), which authorises cardholders to use NFS-connected ATMs.
Other services offered in NFS–
Immediate Payment Service (IMPS) is an instant fund transfer of NPCI providing potent and real-time fund transfer, offering an instant and 24/7 interbank electronic fund transfer service. It can be accessed on numerous mobile, Internet, ATM, and SMS.
IMPS is an emphatic service that instantly transfers funds through banks pan India. Currently, IMPS has 666 live members, which enclose banks and PPIs. NPCI provides the facility of IMPS through its existing NFS switch.
National Payments Corporation of India (NPCI) has carried out National Automated Clearing House (NACH) for banks, financial organisations, corporates and the government as a web-based solution to facilitate interbank, high-volume electronic transactions that are repetitive and recurring in nature. NACH can be used for making bulk payments towards distributing subsidies, dividends, interests, salaries, pensions and more. It is a centralised system launched to consolidate multiple ECS systems across the nation, providing a framework for harmonising standard practices and removing local barriers.
This service stops the flow of physical cheques administered by a drawer at any given time by presenting a cheque en route to the paying bank branch.
Benefits of CTC
National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian Market. NETC offers an inter-operable nationwide toll payment solution, including clearing house services for settlement and dispute management.
This applies to the National Electronic Toll Collection (NETC) system, encircling a common set of processes, business criteria and specifications that permits customers to use their FASTag as a payment method on toll plazas.
FASTag offers the ease of cashless payments and benefits like saving on fuel and time, as the customer does not have to stop at the toll plaza.
Bharat Bill Payment System is an initiative of the NPCI under a joint effort with the ICS (International Card Schemes). It caters to all types of bill payments that provide harmonious and accessible customer service.
Rupay is India's first domestic card payment system, with widespread ATM services, POS devices and E-commerce websites. It is a secure payment gateway that protects against anti-phishing. Rupay is derived from two everyday words, i.e. ‘Rupee’ and ‘payment’, India’s initiative for card transactions.
RuPay is a product of NPCI, fulfilling the criteria of RBI. The provision under the Payments and Settlement Systems Act 2007 empowered RBI, the National Banks Association (IBA), to create a safe electronic payment and settlement system in India.
The RBI formed two working groups on MicroATM norms alongside central infrastructure and connectivity for Aadhar-based economic transactions to speed up financial inclusion.
As part of the working group, it was proposed to conduct a lab-level proof of concept (POC) integrating the authentication and encryption standards of UIDAI to test the efficiency of MicroATM standards and transactions using Aadhar. AEPS is a bank-directed model which allows online interoperable financial transactions at POS MicroATM.
The NPCI, owned by a consortium of banks, is aimed at creating robust payments and settlement systems.
NPCI is promoted by ten major banks, including the State Bank of India, Punjab National Bank, Citibank, Bank of Baroda, and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors. According to the NPCI website, new entities regulated by RBI were inducted in 2020, consisting of Payment Service Operators, payment banks, and Small Finance Banks.
Also read: How to file transaction-based issues with NPCI
The regulatory board of the NPCI, headquartered in Mumbai, includes nominees from the RBI along with nominees from ten core promoter banks. Payment systems that the NPCI can operate include National Financial Switch (NFS), Immediate Payment System (IMPS), Aadhaar-enabled Payments System (AEPS) and National Automated Clearing House (NACH).
NPCI has also launched products including RuPay, Bharat Bill Payment System (BBPS), Bharat Interface for Money (BHIM), and Unified Payments Interface (UPI). UPI has been termed as the revolutionary product in the payment system, the NPCI website read. The NPCI has recently notified a new interchange fee (1.1 per cent for transactions over ₹2,000) applicable to Pre Paid Instruments (PPI). “There is no charge to customers. It is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments),” the NPCI added.
Also read: How to change your UPI PIN without debit card
Direct Benefit Transfer or DBT has travelled a long path since its early initiation by Government of India on 1 January 2013 to change the mechanism of transferring cash subsidies and benefits.The program was aimed at transfer of subsidies and
Components of DBT Primary components in the implementation of DBT schemes include Beneficiary Account Validation System, a robust payment and reconciliation platform integrated with RBI, NPCI, Public & Private Sector Banks, Regional Rural Banks and Cooperative Banks (core banking solutions of banks, settlement systems of RBI, Aadhaar Payment Bridge of NPCI) etc.
Beneficiary Account Validation These systems constitute workflow based systems for social sector Central Sector, Centrally Sponsored and State linked schemes and include functionalities such as application for scheme by beneficiary with details of bank account/Aadhaar, examination by scheme owners for eligibility of the beneficiary under scheme guidelines, initiate verification of bank account/Aadhaar, initiate payment through Fund Transfer Order, other MIS related functions etc. MNREGA, PM-AWAS, PM-KISAN, DBT-PAHAL etc. are some examples of such systems. While in many of the schemes, the payments are linked to Aadhaar, cases are also processed with bank account number, in case Aadhaar is not available.
Payment and Reconciliation On the selection of valid beneficiaries, the Scheme IT systems initiate the payment by sending payment instructions to PFMS which in turn is routed to banks after necessary validation of beneficiaries. PFMS evolved as a robust payment and reconciliation platform integrated with 500+ banks for verification of bank account of beneficiary and for verification if Aadhaar seeding of bank accounts of beneficiary, with NPCI. This pre-validation of beneficiary account/Aadhaar linked bank, drastically brought down the failure of the payments as well as the delays in amount being available in the hands of beneficiary. Core Banking Solutions: Banks being the last mile delivery channels, play a very critical role in the DBT process flow. As all account based payments are routed through the core banking channels, processing efficiency at this stage coupled with flow of reverse MIS imparted the desired momentum to the DBT programme.
Aadhaar Payment Bridge (APB) Aadhaar Payment Bridge (APB) System, one of the unique payment systems implemented by NPCI, uses Aadhaar number as a central key for electronically channelizing the Government benefits and subsidies in the Aadhaar Enabled Bank Accounts (AEBA) of the intended beneficiaries. NPCI creates an Aadhaar mapper in order to facilitate the transfer of funds. This mapper is the backbone of Aadhaar Payments Bridge (APB) where information pertaining to the Banks seeded with the Aadhaar number is maintained in the mapper based on which NPCI routes payments to the destination Bank and credit accorded to the DBT beneficiary.
DBT during COVID-19
With the outbreak of the COVID-19 pandemic and the imposition of lockdown and social distancing norms, DBT emerged as a boon in providing succour and relief to millions of citizens whose livelihood was impacted. As the crisis loomed large, a lockdown was imposed by the Government for 21 days. The Public Financial Management System (PFMS) team took up the challenge during this adversity of facilitating smooth functioning of the financial machinery of the Govt. of
National Employment Guarantee Scheme (MGNREGS), National Social Assistance Program (NSAP), Prime Minster’s Matru Vandana Yojana (PMMVY), National Rural Livelihood Mission (NRLM), National Health Mission (NHM), scholarship schemes of various ministries through the National Scholarship Portal (NSP). In addition, states like UP, Bihar, Madhya Pradesh, Tripura, Maharashtra, Jammu & Kashmir, Andhra Pradesh also leveraged on the DBT platform of PFMS.
National Payments Corporation of India (NPCI) is an umbrella mobile banking registration (MBR), card to card fund transfer (C2C), cheque
In 2016, NPCI introduced UPI, which has since registered 100 million users for Electronic Transfers for Singapore, to bring UPI live in Singapore. subsequently maligned “C2C" business models of the dot-com boom era
Automated Teller Machine is an electronic banking outlet that enables customers to complete basic banking without actually visiting a branch.
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Rupay, VISA, MasterCard, Diners Club International, Discover, JCB, UnionPay, Cirrus, Maestro.
To do a transaction, user has to insert the card in the slot provided and enters their PIN ( Personal Identification Number)
Yes. Cards issued by other banks are accepted at Federal Bank ATMs.
Personal Identification Number (PIN) is unique password number that is required to operate an ATM card
Please click here to view the steps to generate new PIN or contact their corresponding card issuing branches.
Report loss of card to branch or immediately by calling 1800 420 1199/ 1800 425 1199 (National Toll Free), +91 484 263 0994/ 5 (for customer's abroad). Mobile Banking users can login to FedMobile > Card Management > Block this card permanently. Internet Banking users can login to FedNet > Debit Card Services > Block Debit Card.
Please click here to view the cash withdrawal limit of various cards issued by federal bank.
Please click here to view the revised service charges.
Customer may lodge a complaint with the card issuing bank. This is applicable even when the transaction was carried out at other bank’s ATM. Federal Bank customers may visit Fed-e-Point to lodge complaint online and status check.
