NPCI links 15 crore bank accounts with Aadhaar
National Payments Corporation (NPCI) has successfully linked 15 crore Direct Benefit Transfer (DBT) accounts with the Aadhaar numbers.
With this achievement NPCI has moved a step closer to map its target of linking all 17 crore DBT accounts with Aadhaar numbers by 30 June 2015.
Under the linking programme of DBT accounts with Aadhaar numbers, Government is seeking to bring all beneficiaries of all government subsidies/benefit transfers under the programme in order to plug leakages and save cost.
Apart from this linking programme NPCI is also nodal agency for all retail payment systems under the Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched in 2014 to push DBT and financial inclusion.
About National Payments Corporation (NPCI)
- NPCI is an umbrella body for all retail payments system in India. It operates under the aegis of Reserve Bank of India (RBI) was incorporated in 2008 under the Companies Act.
- Its main objective is to facilitate an affordable payment mechanism in order facilitate financial inclusion and benefit the common man across the country.
- It also seeks to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems.
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Month: Current Affairs - March, 2015