Mumbai: National Payments Corporation of India (NPCI) today said it expects all state-run banks to join Bharat Interface for Money (BHIM) by month-end. BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI).For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
"Since the customer base of 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's managing director and CEO A P Hota said in a statement here today. As on date 37 banks including State Bank of India, Bank of India, Bank of Baroda and Union Bank of India, are on the BHIM platform.
The PSBs which will go live very soon on the platform are Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India. BHIM was launched on December 30, 2016 by Prime Minister Narendra Modi.
Till January 31, 13.8 million customers have downloaded the app out of which 3.6 million customers have linked the app to their bank account.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)