The National Payments Corporation of India (NPCI) an umbrella organisation for operating retail payments and settlement systems in India, promoted by the country’s central bank, the —Reserve Bank of India, has revealed plans to adopt blockchain technology to boost digital transactions.
The NPCI has Issued an Expression of Interest (EoI)
NPCI made it known that it is set to develop a “resilient, real-time and highly scalable” blockchain solution using open-source technology, a recent report stated.
The report made it know that the Umbrella organisation founded in 2008 has put out an Expression of Interest (EoI), designed to draw the attention of professional entities to help with the blockchain solution for the payments space.
It is important to note that the NPCI is a non-profit organization fully backed by India’s central bank, the Reserve Bank of India (RBI) and the Indian Banks’ Association. The organisation is promoted by at least 10 banks which includes (State Bank of India, Punjab National Bank, Canara Bank,…