National Payments Corp links 150 mn Aadhar cards with bank accounts

The National Payments Corporation of India (NPCIL), the creator of Rupay credit cards, has announced the linking of 150 million Aadhar cards with various bank accounts in the country.

"NPCI, the umbrella organisation for all retail payments system in India, reached a major milestone of successfully linking 15 crore bank accounts with Aadhar number," NPCI managing director and CEO AP Hota said.

NPCL has now moved closer to the overall target of Aadhar-linking 170 million DBT accounts by 30 June this year, Hota added.

"It is expected that soon all beneficiaries of all types of government subsidiaries and benefit transfers will be brought under the linkage programme. Such a framework of electronic benefit transfer would not only be unique, but will be one of the largest in the world," Hota said.

The government has been focusing on DBT to plug leakages and save cost. To push DBT and financial inclusion, the government last year launched the Jan Dhan scheme under which banks opened more than 125 million accounts by 26 January.

Hota said the extent of leakage prevented due to this unique system would be visible on completion of running the scheme for about a year.

NPCIL was set up in April 2009 with the objective of consolidating and integrating the multiple payment systems into a nationwide, uniform and standard business process for all retail payment systems for facilitating an affordable payment mechanism to achieve financial inclusion.

Since then, NPCI has completed several payment system projects, including ATM switching, mobile payments, cheque truncation system, PoS switching, 24x7 remittance system called IMPS, RuPay and  payments under Aadhar-based direct benefits transfer.