Which organization regulates payment and settlement systems in India?

The National Payments Corporation of India (NPCI) is the organization responsible for regulating payment and settlement systems in India. Established in 2008, NPCI plays a pivotal role in facilitating digital payments and ensuring the seamless functioning of various payment systems across the country. This includes overseeing initiatives such as the Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), and other digital transaction frameworks.

NPCI's regulatory role is crucial in promoting secure, efficient, and accessible payment services, aligning with the government's vision of fostering a cashless economy. The organization ensures that payment systems are reliable and provide protection against fraud, which is essential for maintaining trust among consumers and financial institutions.

In contrast, while the other organizations mentioned have important roles in their respective areas—such as currency production, insolvency management, and debt recovery—they do not directly regulate the payment and settlement systems. Hence, recognizing NPCI as the appropriate regulator in this context underlines its significant contribution to the financial and payment landscape in India.