The National Payments Corporation of India (NPCI) has launched a blockchain-technology based payment system ‘Vajra Platform’. The newly launched platform, which is based on the Distributed Ledger Technology (DLT) has been designed for automating payment clearing and settlement processes of NPCI products such as unified payments interface (UPI) and Rupay card.
The platform has three types of nodes:
- Clearing House node (CHN) for NPCI.
- UIDAI node for Aadhaar authentication.
- Participant node (PN) for all banks.
Important takeaways for all competitive exams:
- MD & CEO of National Payments Corporation of India: Dilip Asbe.
- Headquarters of National Payments Corporation of India: Mumbai.