The NPCI is a bank consortium supported by India’s central bank, the Reserve Bank of India (RBI) and the Indian Banks’ Association. It is promoted by 10 banks, including the State Bank of India (SBI), ICICI Bank and HSBC, and has 56 banks as shareholders as of 2016.
The consortium plans to develop a “resilient, real time and highly scalable” blockchain solution using open-source technology. It has already issued an Expression of Interest (EoI), calling for entities to bid to develop a blockchain solution for the payments space.
Moreover, according to CoinDesk, the central bank has indicated it is researching how to introduce a rupee-backed central bank digital currency into its monetary policy in a bid to reduce its annual bill for minting physical cash.
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