Presently, there are ten core promoter banks ( State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). The Board constitutes of Shri Balachandran M as the Chairman, Nominee from Reserve Bank of India, Nominees from ten core promoter banks, two Independent Directors and Shri A.P.Hota, Managing Director and Chief Executive Officer, NPCI. The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) at its meeting held on September 24,2009 has approved in-principle to issue authorisation to NPCI for operating various retail payment systems in the country and granted Certificate of Authorisation for operation of National Financial Switch (NFS) ATM Network with effect from October 15, 2009. NPCI has deputed its officials to IDRBT Hyderabad and NPCI has taken over NFS operations from December 14, 2009. Membership regulations & rules are being framed for enrolling all banks in the country as members so that when the nation-wide payment systems are launched, all would get included on a standardized platform.
A Technical Advisory Committee has also been constituted with two eminent professors of IIT, Mumbai. Prof.N.L.Sarda is the Chairman and Prof.G.Sivakumar is the Co-Chairman of the Technical Advisory Committee. Members in these committees are drawn from banks at the level of Deputy General Manager/ Asst. General Manager.