It is not for profit company under Section 8 of the Companies Act, 2013. It is promoted by RBI and Indian Banks’ Association. Its objective is to create a robust, efficient, and inclusive digital payment ecosystem in India.

It is owned by a consortium of major banks in India. Major shareholders include SBI, ICICI Bank, HDFC Bank and others. It is regulated by RBI and overseen by the Board for Regulation and Supervision of Payment and Settlement Systems.

Objectives:
1.Consolidate and integrate various retail payment systems
2.Standardize and modernize digital payment platforms
3.Promote financial inclusion through low-cost payment infrastructure
4.Reduce cash dependency in the Indian economy

Challenges:
1.Increasing load and transaction volume
2.Cybersecurity threats
3.Digital Divide
4.Monopoly concern

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