NPCI expects all public sector banks to join BHIM platform by end of February
NPCI expects all public sector banks to join its recently launched BHIM platform by the end of February this year.
The National Payments Corporation of India (NPCI) announced on Tuesday stating it expects all public sector banks to join its payments platform BHIM by the end of February this year.
“Since the customer base of public sector banks (PSBs) is very large, their participation in BHIM is of crucial importance for the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times,” NPCI managing director and chief executive officer A P Hota, said in a press release.
According to NPCI, as on date there are 37 banks who are part of the BHIM platform including public sector banks (PSBs) like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India.
Besides, other public sector banks like Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India will go live on BHIM platform in coming days.
"NPCI is working with these seven banks to ensure that all of them are a part of the platform by the end of this month," cited NPCI in a release.
Prime Minister Narendra Modi had launched the Bharat Interface for Money (BHIM) platform on December 30, 2016.
BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI).
Till January 31 this year, 13.8 million customers downloaded the BHIM app out of which 3.6 million customers have linked the app to their bank account.