Correction: It is run by NPCI (National Payment Corporation of India) which is a multi-bank private non-profit body that is authorised by the central bank (RBI) to run a payments system.
Additionally, the central bank already runs a vendor neutral bank account transfer infrastructure called NEFT which recently became 24x7. UPI just happened to be mobile first and we had enough underlying infra to support such a thing.
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Correction: It is run by NPCI (National Payment Corporation of India) which is a multi-bank private non-profit body that is authorised by the central bank (RBI) to run a payments system.
Additionally, the central bank already runs a vendor neutral bank account transfer infrastructure called NEFT which recently became 24x7. UPI just happened to be mobile first and we had enough underlying infra to support such a thing.