Page 39 - Banking Finance August 2017

ARTICLE

The BBPCU will not own any transaction financially from a operable transactions among the different banks. NPCI has
payment system perspective, working only as a medium to developed various products to play an instrumental role in
connect multiple billers and agents through various Oper- moving cash-intensive society to less-cash one.
ating Units. In addition to setting standards and ensuring
transaction security for the entire ecosystem, it will also This year NPCI has planned to launch National Common
ensure that queries, requests and complaints raised by cus- Mobility Card (NCMC) which can be used in all metros, buses
tomers are monitored and resolved on time. The BBPS will and suburban trains in an interoperable way. NPCI specifi-
act as an independent brand and is expected to increase cations on NCMC have been adopted for BMTC bus rides in
the confidence level of the customers with respect to trans- Bengaluru. Similarly, there are plans to use Tag based toll
action convenience, security, reliability, accessibility and gate payment (ETC-Electronic Toll Collection), which will
affordability. NPCI has already launched Pilot Project for enable the vehicles to move freely through the toll gates.
BBPS.
The digital infrastructure and the products created by NPCI
Interoperable Bunch Note Acceptor facilitated the process of demonetization by Govt. of India.
Cashless transactions through Unstructured Supplementary
(BNA)/ Cash Recycler: Service Data (USSD) for GSM phones, e-wallets, UPI and
The Banks have deployed BNAs at branches, these machines BHIM for smart phones and debit, credit and prepaid cards
at present cater only to the specific banks own customers. for PoS machines will facilitate the electronic payments by
Now NPCI has offered 'Interoperable Cash Deposit (ICD)' every section of society.
service in NFS (National Financial Switch). This enables the
banks to deploy the BNA/ Cash Recycler with ICD feature, NPCI is developing a metric to assess the extent to which
which can accept the cash in the account of any bank cus- electronic payments have gone universal in India and en-
tomer. Union Bank of India is the first bank to introduce sures every Indian has access to electronic payments in se-
Interoperable Cash Deposit Machine. cure, convenient and affordable way.

Conclusion: Reference:
NPCI has created digital infrastructure to facilitate inter- www.npci.org.in

BANKING FINANCE | AUGUST | 2017 | 39

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010