NPCI expects all banks to switch to digital payments by Mar 2018

Govt of India has set a target of 25 billion digital transactions in this financial year

The National Payments Corporation of India (NPCI) expects all banks in the country, including cooperative banks, to migrate to digital payments mode by March 2018.

“Almost all banks have tied up with NPCI. Our idea is to cover all banks — even the cooperative banks — within a year, say by March 2018. All banks in the country will be a part of the digital payments system”, said A P Hota, managing director and chief executive officer, NPCI.

Currently, 56 banks are shareholders of NPCI — they include 19 public sector lenders, 17 private banks, three foreign banks, 10 regional