The new partners who would join NPCI as partners consist of one public sector bank (India Overseas Bank), five private banks, 40 foreign banks, 10 small finance banks, six payments banks and 80 payments service providers or PSOs.
The private banks joining NPCI as partners include Dhanlaxmi Bank, IDFC, Bandhan Bank, Nainital Bank and IDBI. This is the first time the payments corporation will onboard a clutch of foreign banks which includes well-known names such as Bank of America, Standard Chartered Bank, Industrial & Commercial Bank of China, Barclays, and JP Morgan Chase among others.
The six payments banks Paytm, India Post, Fino, Airtel, Jio and NSDL will join NPCI as partners. Payments service providers such as MobiKwik, Ebix, Infibeam Avenues, Amazon Pay along with nine cross-border money transfer service providers including Western Union, MoneyGram will also join the corporation as partners.
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