As Reserve Bank has granted permission to open 11 payments banks, reportedly the National Payments Corporation (NPCI) is more than doubling its server capacity to handle 100 million transactions a day.
“The corporation will ramp up its capacity to handle 100 million deals a day. We are prepared for all the payments banks,” NPCI Managing Director and Chief Executive A P Hota said.
“We have already floated a request for proposal (RFP) for the same and expects to finish the ramp-up in three years,” he said.
Currently, NPCI reportedly has capacity to handle 40 million transactions a day.
In a bid to widen the reach of banking services and push the government’s goal of financial inclusion, the Reserve Bank of India has awarded payment bank licences to Airtel M Commerce Services, Reliance Industries, Cholamandalam Distribution Services, Aditya Birla Nuvo, Department of Posts (DoP), Fino PayTech, National Securities Depository, Dilip Shantilal Shanghvi, Vijay Shekhar Sharma, Tech Mahindra and Vodafone M-Pesa.
Once operational, these new category of banks would provide basic banking services like savings, deposits, payments and remittances even without access to the formal banking system.