Sustainability Report

2023-24

Pioneering Digital Payments

for Financial Inclusion
 Pioneering
Digital Payments
for Financial Inclusion

Table of Contents
01 Reporting Boundary 37 Promoting Governance
Excellence
02 Management Insights
and Integrity
04 About NPCI
37 Corporate Governance
04 ESG Objectives, Vision, Mission
38 ESG Oversight and Governance
05 Key Highlights: Measuring Our
39 Business Ethics
Impact
40 Grievance and Feedback
06 Sustainability Milestones
Mechanism
08 Celebrating Our Achievements
40 Risk Management
09 Materiality Assessment: Identifying
40 Embedding ESG considerations
Key Priorities
within ERM
12 ESG Strategy: Unveiling our and BCP frameworks
Approach
41 Data Privacy and Information
14 Product Portfolio: Driving Innovation Security
in the Payments Ecosystem
44 Responsible Sourcing
23 Keeping Sustainability at the Heart of
45 Stakeholder Engagement: Working
our Operations
Together for Mutual Goals
23 Emissions Management
45 Contact Us
24 Water Conservation and
46 Annexures
Management
24 Waste Management
25 Empowering Our Workforce and
Communities
25 Diversity, Equity and Inclusion
26 Talent Attraction and
Retention Scan above
27 Human Capital Development QR code to know
more about US
29 Occupational Health and
Safety
31 Accelerating Financial
Inclusion
32 Corporate Social
Responsibility
[Link]

© 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Reporting Boundary
Scope and period covered Aligning with Global Standards
This Report covers NPCI and all its subsidiaries’ This report has been prepared with reference
non-financial performance for the financial year to the Global Reporting Initiative (GRI) 2021
2023-2024. The report provides an overview Standards and is in accordance with the
of NPCI’s performance on key Environmental, United Nations Sustainable Development
Social and Governance (ESG) metrics in line with Goals (UN SDGs).
the organization’s commitment to promoting
sustainable and responsible business practices.

© 2024 NPCI. All rights reserved 01

Management Insights

Message from MD & CEO

Dear Stakeholders,
It is a pleasure to share
with you NPCI’s inaugural
Sustainability Report, which
captures the strides we have
taken over the course of FY
23-24. In this report, we have
mapped our performance
on the environmental,
social and governance (ESG)
front and reaffirmed our
commitment to promoting
sustainability-led growth.
At NPCI, as we continue to scale our
presence, we remain focused on
ensuring that sustainability is a key
priority, in tandem with our aspirations
Dilip Asbe of promoting financial inclusion and
Managing Director & Chief Executive Officer digitisation through innovation in
payments systems.

FY 23-24 has indeed been a landmark

year for us, and more so because we
crafted our ESG strategy and vision this
year, which will serve as a means for us
As NPCI continues to grow its presence, to integrate ESG in NPCI’s core objective
of building a strong, innovation-driven
we remain committed to ensuring that and digital-first payments ecosystem
sustainability is a key priority, in tandem in India. We have set forth strategic
goals across ESG thematic areas, under
with our aspirations of promoting three fundamental strategic pillars,
financial inclusion and digitization namely- a) driving environmental
excellence, b) empowering our workforce
through innovation in payments systems. and communities and c) promoting
ethical business.

These pillars also encompass our

commitments across diverse areas,
such as promoting diversity, minimising
our ecological impact and integrating
ESG factors into our operations and
decision-making. As part of our ambition

02 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

of fostering environmental leadership, emissions inventory. This enabled us to

we are also determined to achieve Net identify priority action areas and targets
Zero emissions by 2050. that NPCI would be committing to, in
line with our goal of achieving Net Zero
In FY 23-24, In FY 23-24, we achieved a remarkable
milestone by surpassing over 130
by 2050. Our objective is to continue
strengthening our performance in terms
we achieved billion transactions on UPI. This of resource management and limit our
accomplishment bears a strong
a remarkable testament to our dedication to driving
GHG emissions.

milestone by digitisation in payments. Our end-to- In the years ahead, we will continue
end digital product suite, including to build on our mission of reaching
surpassing over 130 UPI, AePs and IMPS, has enabled us every Indian by leveraging the collective
billion transactions to accelerate the financial inclusion strengths of our greatest asset- our talent
journey for millions across India— pool. We strive diligently to create a
on UPI. Put this from micro-entrepreneurs and large- culture that encourages the holistic
instead of the above scale businesses to students pursuing growth of our people. Staying true to
their academic aspirations. Supporting our commitment to prioritising effective
mentioned. transactions that are seamless, secure human capital management, we will
and safe, NPCI has been instrumental continue to promote diversity, cultivate
in helping Indians achieve financial well- an inclusive work culture and create
being and inclusion. opportunities for lifelong learning.

Our wholly-owned subsidiary, NBBL (NPCI With this report, we are delighted to
Bharat BillPay Limited) has also achieved have been offered the opportunity to
a significant milestone by exceeding share with you, all our stakeholders, our
1,300 million transactions in FY 23-24. progress on ESG in the year gone by. I
This achievement reflects the system’s urge you to join NPCI on this journey and
growing importance in enhancing and look forward to having your cooperation
transforming India’s digital payments as we look towards addressing some
landscape. By simplifying and unifying of the most pressing and notable
bill payments across various channels, challenges of our time.
NBBL is contributing to financial inclusion
and convenience for millions of users.
The success of NBBL also aligns with
Best regards,
our sustainability goals, as it reduces the
need for physical infrastructure, reduces
environmental impact and promotes Dilip Asbe
a more efficient, paperless economy. Managing Director & Chief
This milestone further underpins the Executive Officer
potential of digital platforms in driving
sustainable financial practices.

This year, along with our endeavours

to promote financial inclusion and
digitisation, we embarked on a journey to
measure our impact on the environment
by initiating our first Green House Gas

© 2024 NPCI. All rights reserved 03

About NPCI

National Payments Corporation of India (NPCI) is a ‘Not for Profit’

organisation established under the provisions of the Payment and
Settlement Systems Act, 2007, by the Reserve Bank of India (RBI) and
the Indian Banks’ Association (IBA).

At NPCI, we aim to create a robust payment and settlement Initially promoted by ten core banks, including State Bank of
infrastructure in India, while focusing innovations in retail India, Punjab National Bank and ICICI Bank, NPCI’s shareholding
payment systems and leveraging technology to enhance expanded in 2016 to 56 member banks, including participants
operational efficiency and expand our reach. from various sectors. In 2020, NPCI included new entities
regulated by RBI, such as Payment Service Operators, Payment
Banks, and Small Finance Banks. Shares were allotted through
private placements in compliance with the Companies Act, 2013.

ESG Objectives, Vision, Mission

ESG Objectives

Environmental Social Governance

Minimise environmental To engage and build To establish robust

impact from the strong relationships with structures and systems
Company’s operations all stakeholders including to ensure compliance,
and practicing customers, employees and ethical practices and sound
resource efficiency ​ local communities governance oversight

ESG Vision ESG Mission

To adopt responsible business To establish our legacy as a leader
practices, creating long-term value in promoting sustainability and
for our stakeholders and positive pursuing ethical and sustainability-
environmental impact. enabled growth.

04 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Key Highlights

Measuring Our Impact

Empowering our Workforce and Communities

Initiated NPCI’s first GHG Committed to a target of Conducted specialised ESG and
Emissions Inventory Net Zero Emissions by 2050 sustainability training across all
levels of the workforce

27,165 kWh saved through 25 MT waste recycled 9,000+ Kilo litre (KL)
energy-efficient measures water reused/recycled

Keeping Sustainability at the heart of our operations

28% Women’s 105 Average hours of 37 Financial Literacy sessions

representation in workforce employee training on Digital Payments conducted

19 lakh+ Spending on 1 lakh+ CSR Beneficiaries 1,182 villages covered 9 Aspirational

CSR initiatives (INR) districts covered

Promoting Governance excellence and integrity

22% Women’s representation 3-tier ESG Governance 0 Data breaches reported

in management committee structure established

0 Data privacy Responsible, ESG-aligned supplier / 100% goods/services sourced

complaints reported sourcing processes created from domestic suppliers

© 2024 NPCI. All rights reserved 05

Sustainability

Milestones

06 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Launched IMPS and AePS, which supports non-tech-savvy individuals

2010 enhancing digital financial accessibility for millions.

1 2 3
2016 Introduced UPI, Released RuPay Launched NETC,
revolutionising Virtual and driving cashless toll
digital payments Contactless Card, payments and easing
and contributing to promoting secure, transportation,
financial inclusion cashless transactions, reducing fuel
nationwide. reducing reliance on consumption and
physical currency. emissions.

Launched Bharat Bill Pay, an inter-operable bill

2017 payment service, which allows customers to pay
bills easily through physical and digital channels.

Rolled out RuPay NCMC Card, facilitating seamless travel

2019 and payments, supporting smart city initiatives.

NPCI goes global as it incorporates NIPL, expanding digital

2020 payments infrastructure globally and fostering cross-border
financial connectivity.

Launched e-Rupi, which was initially intended to provide a

2021 contactless, digital voucher solution for COVID-19 vaccination.

2022
1 2 3 4 5
Introduced UPI Enabled Achieved the first Formed Enabled UPI
Lite and UPI 123 inbound ESG Rating (A) partnerships with on Credit Card,
Pay, making cross-border by ESGRisk. ai, premier institutions providing
digital payments bill payments marking a for employee consumers with
more accessible, through RBI, commitment to development, more flexible
especially enhancing sustainability investing in talent and sustainable
for feature phone financial access and responsible and fostering payment options.
users. for NRIs and business practices. a culture of
their families. continuous learning.

2023
1 2 3 4 5
Installed the first Achieved Indian Introduced the Launched Launched Fintech Yatra,
solar panel at Green Building first UPI-ATM, the Returnity which brings together
its Data Centres, Certification further simplifying Programme, hundreds of startups
reducing carbon (IGBC) for both access to digital enabling young every year to co-create
footprint and its Hyderabad transactions while mothers to and ideate innovative
promoting and Chennai Data reducing physical transition back into financial solutions,
renewable Centres, underlining cash dependency. the workforce with driving technological
energy use. commitment to flexible working advancement and
sustainable operations. arrangements and fostering a vibrant
support systems. fintech ecosystem.

© 2024 NPCI. All rights reserved 07

Celebrating

Our Achievements

G20 Symposium on Global DPI Summit, Pune

Great Place to Work Global Partnership for 2023, Digital Payment and
Financial Inclusion Financial Inclusion

Winner of Golden Peacock

Annual NPCI Rewards and
G20 Summit 2023 Award 2022 -
Recognition Event 2023
Risk Management

Digital India Week 2022 Global Fintech Fest Digital Payments Utsav 2023

08 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Materiality Assessment

Identifying Key Priorities

NPCI has conducted the inaugural materiality assessment to
identify and prioritise the most significant environmental, social and
governance (ESG) issues. Through extensive engagement with diverse
stakeholders via surveys, interviews and data analysis, NPCI has gained
deeper insights into their concerns and identified their key challenges.

This initiative aligns with NPCI’s

commitment to sustainability
and its goal to enable financial
inclusion. Also, it establishes a
strategic roadmap guiding our
future efforts, ensuring a focused
approach on areas critical to our
business and stakeholders.

ify the universe

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Con
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s u rv e y.

© 2024 NPCI. All rights reserved 09

Materiality Assessment
Identifying Key Priorities

As an outcome of the materiality assessment process, we have identified 11 material topics with varying order of priority, keeping
in consideration both the severity and likelihood of impact on our Company and stakeholders.

Data Privacy and Risk Corporate Business

Information Security Management Governance Ethics

Responsible Occupational Human Talent

Sourcing Health & Safety Capital Development Attraction and Retention

Emissions Water Conservation and Waste

management Management Management

The materiality matrix provided below is the outcome of the materiality assessment, which enables us to identify and prioritise
the most significant environmental, social and governance (ESG) concerns for both the Company and its stakeholders. The X-axis
represents the importance to the Company and the Y-axis represents the importance to stakeholders.

NPCI Materiality Matrix

High

Data Privacy and Information

Security Human Capital Development
Impact on Stakeholders

Business Ethics
Talent Attraction and Retention
Corporate Governance
Emissions management
Risk Management

Responsible Sourcing
Water Conservation Occupational Health & Safety
and Management

Waste Management
Low

Low Impact on Business High

10 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Alignment of Material topics with leading global frameworks

At NPCI, our sustainability strategy aligns with the UN Sustainable Development Goals (SDGs), Business Responsibility and
Sustainability Report (BRSR), Morgan Stanley Capital International (MSCI) ESG Ratings and Dow Jones Sustainability Indices (DJSI), with
a particular emphasis on environmental stewardship, social responsibility and excellence in corporate governance. This alignment
underscores NPCI’s commitment to transparent reporting, which is central to our mission to achieve sustainable development.

Environmental Social Governance

Responsible management of natural Caring for people and communities Business operations in a fair
resource and ethical manner

SDGs SDGs SDGs

BRSR BRSR BRSR

Principle 6: Protecting and restoring Principle 3: Employee well-being, Principle 1: Ethical, Transparent and
the environment including those in their value chains Accountable Governance

Emissions management** Principle 4: Stakeholder identification Principle 9: Engage and provide

and interaction value to consumers in a
Water Conservation and responsible manner
Management** Principle 8: Inclusive growth and
equitable development Data Privacy and
Waste Management** Information Security**
Human Capital Development**
Corporate Governance**
Talent Attraction & Retention**
Responsible Sourcing*
Occupational Health & Safety**

DJSI* and MSCI*

© 2024 NPCI. All rights reserved 11

ESG Strategy

Unveiling our Approach

Aligning with NPCI’s broader objective of creating a more inclusive
payments system, we have created a guiding strategy document,
covering a robust framework of Key Performance Indicators (KPIs)
that encompass our short and long-term objectives, as well as address
critical aspects of our business operations and impact.

These KPIs are closely aligned with stewardship, social responsibility and sound governance, reflecting our focus
key material topics that are crucial on creating long-term value for our stakeholder fraternity.
for contributing to our sustainability-
led growth and mission of creating
positive impact on society. They
have been meticulously designed
in alignment with our vision and
commitment to environmental

Data Privacy and Corporate Governance

Information Security
Business Ethics
Risk Management
Responsible Sourcing

Promoting
Eth
i ca
lB
us
in
es
s
e
nc

u n i ti e s

NPCI’s ESG
lle
ronmental Exce

strategy builds on
mm

Emissions Management three strategic Occupational Health & Safety

co

Water Conservation pillars Human Capital Development

d

and Management
an

e Talent Attraction & Retention

o rc
Waste Management kf
n vi

Em
po w e w or
ri n g o u r
gE
in
riv

Environmental stewardship remains a cornerstone of this strategy, with initiatives aimed at reducing carbon emissions, optimising
water consumption and minimising waste generation.

Social responsibility initiatives emphasise employee well-being, diversity, inclusion and enhanced disclosures on CSR, demonstrating
our commitment to creating a positive impact on the society at large.

12 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Robust governance ensures By focusing on these material topics, In presenting NPCI’s inaugural
adherence to ethical standards, we aim to fortify our operational Sustainability Report, we are delighted
regulatory compliance and robust resilience, enhance stakeholder trust to unveil our ESG strategy, reflecting our
stakeholder engagement, reinforcing and contribute meaningfully to global sincere commitment to the principles
transparency and accountability sustainability goals. that guide our business operations and
across all operations. strategic decisions.

Following are some of our key commitments for FY 23-24:

Driving Environmental Empowering Our Workforce Promoting Ethical

Excellence and Communities Businesses

50% reduction in 36% of women in the workforce. Screening/due diligence of suppliers

electricity consumption. on ESG aspects at regular intervals.
25% of women in senior
100% of electricity sourced through management roles. Developing a Supplier Code of
renewable sources in data centres. Conduct and updating existing
Increase in the number of differently-
supplier onboarding documents with
75% to 100% of waste recycled abled and marginalised group
ESG parameters.
or diverted from landfill (paper, representation.
plastic, e-waste). Identifying, monitoring and
Tracking of job creation in urban,
measuring the proportion of
Tracking of water consumption in semi-urban and rural areas,
spending on local suppliers and
KL, water reused or replenished wherever applicable.
responsible procurement.
or treated in KL.
100% of employees covered through
Integrating climate risk into the
mandatory (employee well-being/
organisation-wide Risk Management
OHS/Human rights) training annually.
framework and Business
100% of employees covered annually Continuity Plan (BCP).
through newly introduced ESG
ESG driven by the Risk Committee at
training modules.
the Board level; 3-tiered structure.
Reduction in gender pay
15% representation of women
parity across levels.
and individuals with diverse
Maintaining 100% workforce coverage experience on the Board.
for well-being programmes.
1/3rd of the Board to be
Disclosure on coverage and qualitative Independent Directors.
impact of well-being programmes.

Developing a sustainable/green
Track spending (in INR) on employee RuPay card made of recycled or
well-being measures (insurance, sustainable material.
parental and so on).
Partnerships for recycling expired
RuPay cards and reusing the materials.
Conducting an assessment of the
impact of existing sustainable product
initiatives (cards).
Tracking and disclosing the reach
and impact of virtual cards and
existing recycled PVC cards issued
(Core impact KPIs).

© 2024 NPCI. All rights reserved 13

Product Portfolio

Driving Innovation in the

Payments Ecosystem

Our suite of products exemplifies NPCI’s deep-rooted commitment to being

a pioneer in digital payments by developing innovative, user-friendly financial
technologies that cater to diverse user needs. Through cutting-edge solutions,
these products not only enhance the efficiency and security of transactions but
also make financial services accessible to underserved and unbanked populations.
By prioritising inclusivity and leveraging digital advancements, we at NPCI are driving
the global movement towards comprehensive financial inclusion, ensuring that
everyone, regardless of their socio-economic background, has the opportunity to
participate in the digital economy.

14 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

UPI (Unified Payments Interface)

Unified Payments Interface (UPI) integrates multiple bank accounts into a single mobile application, offering a range of banking
services, seamless fund transfers and merchant payments. It also supports ‘Peer to Peer’ payment requests that can be scheduled
and paid at the user’s convenience.

NPCI launched a pilot of UPI with 21 member banks on April 11, 2016, led by Dr. Raghuram G Rajan, then Governor of RBI. By
August 25, 2016, UPI-enabled apps were available on the Google Play Store. Since then, UPI has grown exponentially, recording
over 14 billion transactions worth Rs. 20 lakh crores as on May 2024.

UPI offers a variety of products, including:

Autopay 1 UPI Lite 2 123Pay 3 Initial Public 4

For recurring Enables faster, IVR-based UPI payments Offering (IPO)
payments from person small-ticket, via phone calls Use UPI ID to subscribe to
to merchant (P2M) pin-less payments IPOs on the NSE and BSE

Credit Card on UPI 5 Hello! UPI 6 e-RUPI voucher 7

Link RuPay credit cards Facilitates voice-based A one-time payment voucher redeemable
to a UPI ID for secure payments in local without a card, digital payment
transactions language application, or internet banking

UPI, as a product, provides robust, user- processing, UPI aims for sustainability UPI empowers more than 300 million
friendly, mobile-based digital payments in technology. By connecting over 550 users with easy access to financial
infrastructure accessible to all Indians. banks in an interoperable manner, infrastructure. UPI focuses on bringing in
This initiative has enabled a substantial UPI facilitates seamless transactions new technology for Risk Mitigation using
portion of the Indian population to between different banks, thereby advanced fraud mitigation technologies
become UPI users, thereby promoting reducing energy consumption within such as AI/ML modelling, Risk based
last-mile financial inclusion and digital the banking ecosystem. authentication and more, for end users.
financial literacy. Visually challenged
customers can also access UPI services
via feature phone-based UPI (123Pay)
and voice-based transactions through Having a share of more
Hello! UPI, ensuring inclusivity for all. than 80% in overall digital
UPI is an ISO 20022-compatible, open- transaction happening
source API-driven platform that ensures
across India per year.
high performance and scalability in
real time. Continuously exploring
advanced technologies like blockchain,
Artificial intelligence and Machine
learning (AI/ML) and natural language

© 2024 NPCI. All rights reserved 15

Product Portfolio Driving Innovation
in the Payments Ecosystem

UPI gave us a parallel eco-system, connecting us with all the banks in a single
go. Our customers can now transact simply from their mobile phones using a
four-digit UPI PIN, which is common for all their accounts, limiting transaction
drops. Customers can sign in to UPI from Angel Broking application, where
first-time registration takes just 10 seconds. UPI integrates smaller banks and
also enables customers to conduct online transactions without net-banking.

UPI has not only enabled us to overcome all challenges but also upgraded mobility
through more advanced technology and a platform that is highly scalable.

Angel Broking

Croma opted for UPI as a payment option on web and in-store. UPI assisted to
reduce long queues by faster mode of payment. Further, UPI helped us secure
the payments received as customer does not need to share his card details while
making online purchases.

Customers are now delighted to complete their purchases with seamless and
secured payment option offered by UPI.

Croma

Cinepolis - Cinepolis found UPI as the best suitable option to manage online quick
booking of movie tickets and helped unblock inventory during transaction time,
effectively managing inventory better. Similarly, UPI Online payment option at
counters reduced long queues by reducing transactions time for each customer.
UPI Online assisted to reduce cash transactions at the booking counters.

Cinepolis

16 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

RuPay
RuPay is India’s first domestic card payment network, offering extensive acceptance at ATMs, POS devices and e-commerce
platforms nationwide. It provides a highly secure platform that safeguards against phishing attacks. Its open payments
infrastructure significantly advances financial inclusion in India by enabling access to financial services for a broader population.
With some banks offering features like Braille markings and special orientation features, RuPay cards cater to the visually
impaired, ensuring inclusivity and equal access to digital financial services.

RuPay also facilitates digital transactions As green alternatives to plastic evolve, across various cities has favoured
for small businesses, reducing their NPCI has proactively promoted the its adoption as well as the usage of
reliance on cash and lowering operational use of recycled PVC cards and virtual public transport, thus lowering carbon
costs, which further empowers them cards through its RuPay product suite. emissions. It provides an alternative to
to thrive in the digital economy. This RuPay’s shift towards digital payments the existing paper QR tickets, plastic
contributes to social development by also curbs paper usage, significantly tokens and closed-loop smart cards. It
integrating underserved communities reducing environmental footprint. consolidates payment systems across
into the formal financial system Additionally, reward programmes and multiple services, including offline and
and empowering MSMEs and small cashback incentives for transactions online transactions, limiting plastic and
businesses to participate more effectively at eco-friendly merchants or for using paper waste from multiple cards and
in the digital economy. public transport encourage responsible tickets. The implementation of RuPay
consumption and support a more NCMC has led to improvements in fare
sustainable financial system. collection efficiency, reducing operational
costs. This also helps in digitising small-
RuPay National Common Mobility

2,20,62,093
value payments and optimises costs for
Card (NCMC) offers an efficient transit all the stakeholders in the ecosystem.
payment method and promotes the use Due to cashless transactions and
RuPay incremental virtual of public transport, thereby reducing lower congestion with its contactless
cards issued (FY23-24) reliance on personal vehicles. The technology, RuPay NCMC contributes to
interoperability of one RuPay NCMC a cleaner environment and more energy-
for different modes of transportation efficient mobility.
RuPay also promotes financial
sovereignty and stability by reducing
reliance on foreign payment networks
and encouraging both domestic and
international transactions.

By facilitating digital
transactions, particularly
for small businesses, RuPay
reduces operational costs
and fosters economic
development.

© 2024 NPCI. All rights reserved 17

Product Portfolio Driving Innovation
in the Payments Ecosystem

AePs
Aadhaar Enabled Payment Service During the lockdown, when bank
(AePS) is offered in assisted mode branches and ATMs were hard to access, Promoting financial
via member bank branches/Business the AePS channel was crucial for banks inclusion by empowering
Correspondents (Agents) to customers to deliver basic banking services. It also
who are less tech-savvy or who may plays a vital role in helping residents remote individuals to
not have access to bank branches in access Direct Benefit Transfer credit, easily perform banking
their vicinity to fulfill their daily banking especially for those who are less active
requirements, including cash withdrawal, in digital banking and require assistance.
transactions.
cash deposit and funds transfer. This
service significantly improves inclusivity Additionally, multiple modalities, such
by enabling individuals in remote areas as finger, iris and face are available
as well as those who are differently-abled for customer authentication, ensuring
to easily perform transactions with the that everyone, including those who are
help of agents. specially-abled can access and use these
financial services effectively.

IMPS
IMPS is a product that facilitates fund
transfers through various digital Enhancing Cash Flow and Sales with IMPS in
channels, promoting financial inclusion Sarah’s Jewellery Shop
by empowering people to conduct
transactions online. It supports non-
tech-savvy individuals through bank informed customers via social media
branches and Corporate Business platforms and offered discounts for
Correspondents, ensuring access to using this payment method, which
financial services for everyone. led to improved cash flow, timely
reinvestment in materials and enhanced
Since its launch, IMPS has driven customer satisfaction with quick,
digitalisation in payments and financial seamless payments.
activities. IMPS, launched in 2010, enables
inter-bank fund transfers through digital Consequently, operational efficiency
Sarah Thompson’s handcrafted increased with faster access to
channels. Initially built on the ISO 8583 jewellery shop faced cash flow issues funds enabling efficient inventory
messaging structure, it was upgraded due to delayed payments through management and sales picked up
to an XML-based API messaging system traditional methods, impacting her due to the discounts offered for IMPS
in 2021. Over time, IMPS expanded its ability to restock materials. To address payments. “IMPS has significantly
use cases to include simplified flow and this, she implemented the Immediate improved my cash flow and customer
credit card bill payments. Recently, IMPS Payment Service (IMPS) solution at her experience. It is a critical part of my
became NPCI’s first product to operate store for instant fund transfers. She business’s success,” says Sarah.
on blockchain architecture.

18 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

NETC
NETC has been widely adopted for NETC can be linked with pre-paid instruments, current and savings accounts (CASA)
its convenience in making digital toll and cards, in accordance with regulatory guidelines. NETC products and services
payments, facilitating transactions for have been digitised to offer:
various vehicle-related uses. The product
is designed to be inclusive, featuring a
Online Tag Issuance: Account Recharge: Transaction Monitoring:
special category that exempts authorised
Customers can apply Multiple payment options Customers receive
vehicles from toll fares, thereby catering
for FASTag through an are available for recharging notifications for every
to persons with disabilities. Additionally,
online platform. accounts linked to FASTags. transaction
NETC contributes to environmental
sustainability by reducing vehicle
emissions through the elimination of
Journey Statements: Account Closure:
prolonged wait times at toll plazas,
Periodic journey details Customers can close
making it an eco-friendly solution.
are provided for customer their Tag accounts
reference and reconciliation. whenever needed.

Reduces emissions by
minimizing wait- times at By providing a seamless and efficient toll payment system, NETC enhances the
accessibility and inclusion of the transportation network. Its advanced digital payment
toll plazas framework not only ensures compliance but also mitigates financial leakages and
revenue losses for stakeholders within the ecosystem, promoting superior governance.

NFS
NFS, includes ATM and Micro ATM By focusing on interoperability and
services, utilising a Card+PIN system Promotes enhanced access extending essential banking services
for secure transactions. Micro ATMs, to financial services to those lacking convenient access to
available in assisted mode through bank branches, NFS enhances financial
affiliated bank branches and business inclusion. Moreover, by facilitating digital
correspondents, cater to less tech- transactions and reducing the need for
savvy customers and those residing physical branch visits, NFS contributes to
in areas lacking immediate access to a more sustainable banking ecosystem.
bank branches. These services facilitate
essential functions such as cash
withdrawals and balance enquiry.

NFS also supports UPI-based cardless

cash withdrawals at ATMs, enhancing
accessibility for customers who do not
use mobile or internet banking.

© 2024 NPCI. All rights reserved 19

Product Portfolio Driving Innovation
in the Payments Ecosystem

BHIM
Bharat Interface for Money (BHIM) is a The following are the features of BHIM:
payment application that enables simple,
fast and secure transactions through the Send Money: Transfer funds using a Virtual Payment Address (UPI ID),
Unified Payments Interface (UPI). Users account number, mobile number or QR scan
can conduct direct bank payments to Request Money: Collect payments via UPI ID or mobile number (registered
any UPI participant using their UPI ID or with BHIM or *99#).
by scanning their QR code via the BHIM Transactions: View transaction history, pending UPI collect requests
application. Additionally, the application and raise complaints for declined transactions.
allows for the request of funds from
Profile: Access and share your static QR code and linked
any UPI ID. Since its inception, BHIM
payment addresses.
has emerged as a pivotal instrument
in the nation’s transition to a cashless Bank Account: Switch between linked bank accounts, set/change UPI
economy, contributing to 379 million PIN and check balance.
transactions during FY 23-24. Its success Language Support: A
 vailable in 20 languages including Hindi, English,
promotes financial inclusion, particularly Tamil among others.
by extending digital payments access Block User: Block or mark users as spam who send unwanted
to rural areas. Moreover, BHIM’s role collect requests.
in fostering a cashless economy aligns Privacy: Manage the visibility of your mobile number-linked UPI
with sustainability objectives by reducing ID and QR code.
paper consumption and lowering the
IPO Applications: Apply for IPOs using your BHIM UPI ID.
carbon footprint associated with cash
transactions. The application continues Bill Payments: Pay utility bills within the application using BHIM BillPay.
to drive India’s progression towards a
digitally advanced and environmentally UPI Autopay: Set up recurring payments for bills, subscriptions,
sustainable financial future. insurance and so forth.

BBPS
The Bharat Bill Payment System (BBPS) contributes to sustainability in several ways, addressing environmental, economic and
social aspects both directly and indirectly:

BBPS contributes to environmental

conservation by promoting digital
transactions over traditional paper-based
methods like physical bills and checks,
Energy and Decreased significantly reducing paper usage.
Reduction in The system further supports digital
Resource Transportation
Paper Usage receipts, which decreases the need for
Efficiency Needs
printed documents and curtails paper
waste. Additionally, BBPS enhances
energy and resource efficiency by
consolidating numerous bill payment
systems into a single integrated platform,

20 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

reducing redundancy and overall transparent and secure environment remittances, enhancing transparency.
energy consumption. It also decreases for bill payments, reducing the risks Single point integration with BBPS,
transportation demands as customers associated with fraud and corruption. facilitates interoperability for the cross-
are no longer required to visit multiple This enhances trust and promotes good border entity to have access to multiple
locations for bill payments, resulting in governance practices. The system also permissible billers fostering digitisation
lower fuel consumption and reduced facilitates the promotion of digital of domestic bill payments. This makes
carbon emissions. literacy, preparing users to interact BBPS a crucial component in creating a
with modern payment technologies. The more inclusive and sustainable global
BBPS enhances financial inclusion by digitisation of cross-border bill payments financial ecosystem, benefiting migrant
extending bill payment services to rural streamlines processing and reduces workers and NRIs alike.
and underserved regions, empowering costs and complexities associated with
a broader spectrum of the population
to manage their finances with greater
efficiency and supporting economic
sustainability. By minimising the
need for physical infrastructure and
Financial Cost Time Digital
reducing the reliance on manpower
Inclusion Savings Savings Literacy
for bill collection, BBPS helps service
providers to lower costs, which can
translate into more affordable services
for consumers. The platform offers a Cross-Border Inclusive
Payment Interoperability Global Financial
Digitization Ecosystem

No. of Digital transactions

(FY23) For customers who may not be tech-savvy, BBPS offers the convenience of utilising

1097 MN
UPI 123 Pay. This service provides a user-friendly platform for managing bill payments
effortlessly. Individuals with physical disabilities can also access bill payment services
through offline channels, by bill payment agents. Furthermore, BBPS is inclusive of
those with visual impairments, offering voice-based payment options via Alexa, ensuring
(FY24) a seamless and accessible experience for all users.

1387 MN Overall, the Bharat Bill Payment System not only simplifies and streamlines bill
payments but also significantly contributes to sustainability across environmental,
economic and social dimensions.

Advancing Beyond Borders: Global Innovation and Inclusion

NPCI’s commitment to innovation and financial ecosystem that transcends financial ecosystem. As NPCI extends
financial inclusion extends beyond geographical boundaries. its international footprint, it remains
national borders, with several of its at the forefront of innovation and
products making a significant impact on NIPL aids countries with potential financial inclusion, connecting people
the international stage. By extending its but constrained resources—whether and economies across borders.
digital payment solutions across borders, financial or technological—by enhancing
NPCI aspires to foster global financial their payment capabilities and reducing NIPL is actively constructing a global
inclusion and enable seamless cross- their carbon footprint. Drawing on its acceptance network for RuPay and
border transactions. This international extensive expertise and profound UPI, ensuring that Indian travellers can
expansion reflects our dedication to understanding of payment systems, NIPL use these payment channels in their
cultivate a connected and inclusive is equipped to address these disparities destinations around the world. As the
and nurture a more inclusive global NIPL network continues to evolve and

© 2024 NPCI. All rights reserved 21

Product Portfolio Driving Innovation
in the Payments Ecosystem

expand, Indian citizens travelling internationally will benefit from effortless access to our payment solutions. This initiative not
only supports the convenience of Indian travellers but also transforms global payment systems through the strategic deployment
of technology and innovation.

Presently, NPCI has established a presence in the following countries:

France Nepal
Bhutan

Mauritius

Singapore

U.A.E Sri Lanka

22 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Keeping Sustainability at the

Heart of our Operations

Alongside a strong commitment to promoting digitisation and financial
inclusion, NPCI has integrated and imbibed a strong focus on effective
resource management and environmental stewardship in its policies,
processes and operations.

Aligned with this focus, our Company has developed a strategic roadmap and established specific targets in order to monitor
and further enhance its performance across environment-related metrics. These targets encompass emission management,
water conservation and management as well as waste management.

Emissions Management
Calculated in line with the GHG protocol guidance, NPCI’s emissions inventory
(FY24) is as follows:

GHG Emissions Scope 1 (tCO2e) Scope 2 (tCO2e)

NPCI regards emission management Tonnes Co2e 255.23 12,514.4

as a critical component of its ESG Percentage 2% 98%
strategy. In pursuit of a comprehensive
approach to monitoring and mitigating In FY 22-23, Scope 1 emissions totalled 681.12 TCo2e while Scope 2 emissions reached
its environmental impact, NPCI , in 6,638.40 TCo2e. 91% of NPCI’s emissions were attributed to electricity consumption,
FY 23-24, commissioned its first categorised under Scope 2 emissions. The accompanying graph illustrates that the
GHG emissions inventory, covering predominant source of Scope 2 emissions is the electricity utilised by data centres,
Scope 1 and Scope 2 emissions for which constitutes the majority of these emissions.
its operations across India – Mumbai,
Hyderabad and Chennai. FY 22-23 GHG emissions FY 23-24 GHG emissions

681.12 TCo2e 255.23 TCo2e

27,165 kWh
(9%) (2%)

saved through energy

efficiency measures
in FY 23-24

6,638.40 TCo2e 12,514.40 TCo2e

(91%) (98%)

Scope 1 Emissions Scope 1 Emissions

Scope 2 Emissions Scope 2 Emissions

© 2024 NPCI. All rights reserved 23

Keeping Sustainability at the
Heart of our Operations

In its efforts to contribute towards achieving Net Zero emissions by 2050, NPCI is actively pursuing initiatives to further strengthen
its performance on emission management. This includes:

1 2 3 4 5
Installation of motion Maintaining the Exploring increased use NPCI also undertakes NPCI plans to install
sensor to reduce unit power factor of renewable energy regular audits by service to install PV cells on
unnecessary electricity and disconnecting in its data centres and provider Embassy the glass façade of
consumption and u n n e c e s s a r y procuring renewable Services Pvt Ltd (ESPL,) the G+15 building in
extend the longevity equipment to reduce energy for its existing which helps assess the Hyderabad, intended
of light fixtures. energy consumption. office spaces. organisation’s energy for non-critical lighting.
use and efficiency.

Both the Chennai and Hyderabad data Water Conservation and its environmental footprint. This includes
centres hold IGBC certifications, with the Management efforts to reduce plastic usage within its
Hyderabad centre achieving a platinum offices and to encourage the adoption of
rating with 82 points. Furthermore, NPCI greener alternatives among its workforce–
is in the process of securing an additional through awareness campaigns.
renewable energy source in Chennai to To the extent possible, waste generated
serve as a backup, complementing the across NPCI offices is segregated and
existing source in Hyderabad. NPCI remains vigilant in monitoring its water composted. Moreover, NPCI has identified
usage and fostering initiatives that promote a supplier of recycled mugs, with the
NPCI continues to prioritise emission
its judicious use among its workforce. objective of phasing out paper cups in its
management by implementing the
Currently, the Company tracks drinking offices by FY 25-26.
aforementioned strategies, while
water consumption across its offices
simultaneously advancing its digitised NPCI’s waste management practices
throughout India and has implemented
offerings to drive incremental positive include segregation and recycling of paper,
measures like sensor taps, water aerators e-waste and plastic waste, with a third
environmental impact.
and the use of treated sewage water for party overseeing the disposal process.
water closets. In FY 23-24, as part of its ESG
strategy, NPCI has pledged to continuously Overview – Waste Generation Metrics

1,23,190 kWh
track and monitor water consumption
across its offices, reinforcing its commitment Category Units (MT)
to sustainability-driven growth.
Generated through solar Waste Generated 95.87
energy in FY 23-24
Waste recycled/re-used 39.85
Category Units (KL)

Water Consumed 18,022.6 NPCI has also conducted a series of

Water recycled 9,324 workshops on ESG for its workforce,
focusing on crucial areas such as
environment, social and governance
practices. As part of these workshops,
Waste Management NPCI invited ESG experts to build the
capacity of its workforce and deepen
their understanding of sustainability and
ESG principles. The sessions included a
comprehensive exchange of industry best
practices, addressing areas such as waste
management, emission management and
As part of its commitment to resource
strategic ESG initiatives.
efficiency, NPCI has developed capabilities
for accurately tracking waste generation
and pursue active measures to minimise

24 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Empowering Our

Workforce and Communities

Diversity, Equity and Inclusion
organisational environment. The Human

7.14%
Resources team leads this initiative
through the implementation of robust
policies, processes and proactive measures
designed to create an workplace where Women’s representation - Board
NPCI considers diversity, equity and
individuals can fully engage and contribute
inclusion in the workplace as essential pillars
their best selves.
of its organisational ethos. The Company
action, including an Equal Opportunity
recognises its workforce as the driving force The Company has developed multiple Policy and Board Diversity Policy.
behind its growth and pivotal to its mission policies to translate its commitments into
of advancing financial inclusion through the The Company has also implemented
application of digital technology. Gender Diversity and Inclusion Guidelines
along with various policies designed to
The Company has prioritised the
encourage diversity, equity and inclusion

27.9%
establishment of a diverse and inclusive
throughout the organisation. This includes
culture by actively supporting its workforce.
tailored support for different life stages,
such as comprehensive leave policies.
NPCI provides its workforce with a culture Women’s representation
Notable policies and initiatives include:
devoid of discrimination, harassment and in the workforce
unequal treatment, ensuring an inclusive

Supporting new Enabling a safe Promoting

mothers working environment equity in opportunity

New mothers are eligible for Each One Get One Scheme.
Women employees working beyond
extraordinary leave (on LOP) beyond
9PM are provided with cab facilities Women employees are
standard maternity and privilege
to return home. encouraged to bring talented
leave, based on approvals.
women from their personal
During outstation travel, away from
Work-from-home support/facility networks to join the organisation
base location, cab facilities are
for new mothers. in suitable roles. Those who
provided to all women employees.
New mothers granted one-hour successfully refer a candidate
Self-defense sessions organised who is selected are rewarded
relaxation per day until their child
periodically for women employees. with a family staycation.
reaches one year of age.
Expecting mothers can avail an Returnity Programme.
extended relaxation of three hours This programme focuses on
per week, twice a month. women candidates who have
Expecting mothers receive cab taken a career break and are now
reimbursement of up to INR 500 per eager to restart their professional
day for commuting to /from office journey. The Company offers a
during their last trimester. six-month internship and upon
completion, candidates may be
Creche/childcare support within or selected for a permanent role
close to office. Women employees based on the organisation’s
can claim reimbursement (on selection criteria.
submission of receipt) for a ‘Nanny’
at home up to a maximum of Rs.
8000/- per month per child from
the date of resuming duty post
maternity break till the child attains
the age of 3 years.

© 2024 NPCI. All rights reserved 25

Empowering Our Workforce
and Communities

Quarterly Women Connect Sessions Resource Groups and they also facilitate To cultivate a more inclusive culture
are organised at various locations to participation in career development within its teams, NPCI has organised
strengthen connections and provide workshops and other professional awareness workshops for managers
support among women employees. activities. Additionally, online forums on unconscious bias and strategies for
These sessions create opportunities for have been established to enable all addressing it in daily interactions.
collaboration with colleagues who share women employees to share experiences,
similar backgrounds through Forums and seek advice and support one another.

iMPACT Sensitization Sessions – Unconscious Bias

Returnity Program Workshops

To accelerate women’s growth, the Workshops for mid-management and Reintroduced to raise awareness and
iMentoring Programme, accelerating above to foster inclusivity, with nearly promote a more equitable workplace
career transformations (iMPACT) for 90% participation and positive feedback. by addressing unconscious biases in
women @NPCI was introduced under decision-making.
the diversity, equity and inclusion strategy
“We Belong.” This structured programme
provides formal mentorship and monthly
meetings, empowering women at all levels
to take charge of their professional and
personal development.

As part of its efforts, the Company continues to support diversity in thought, experience and gender within its human capital
management practices.

NPCI also supports the inclusion of individuals from the differently abled community, with 2 such members currently part of
its workforce.

Through consistent efforts, the Company has successfully increased the representation of diverse groups within its workforce
by promoting specialised learning and development opportunities for high-potential employees.

Talent Attraction and Retention

attraction, retention and management. Nearly 52% of NPCI’s permanent
The Company’s strong focus on workforce is under the age of 30 – a
empowering its workforce is a key driver testament to NPCI’s commitment
of its progressive and inclusive approach to promoting the employment and
towards talent management. empowerment of India’s youth.
NPCI’s workforce is central to its vision
of ‘Together We Build’ – an aspiration NPCI aims to recruit high potential, The Company’s commitment to creating
to revolutionise the Indian payments and innovative thinkers as part of its equitable access to opportunities for
landscape, to empower through financial workforce. As of FY 23-24, our Company its workforce is manifested through
inclusion and deliver enduring value to all employs a total of 1,918 employees key policies, including an Equal
stakeholders. The Company’s Employee individuals, with 89% permanent and full- Opportunity Policy.
Value Proposition (EVP) statement is built time employees . During FY 23-24, NPCI
on three pillars – Purpose, Passion and hired 566 new employees, 85% of whom NPCI continues to monitor and actively
Promise. Leveraging these foundational are permanent, full-time employees. manage employee turnover, recognising
elements, NPCI strives to proactively the dynamic nature of talent and human
invest in best-in-class practices in talent capital management. For the FY 23-24,

26 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

the turnover rate is 13.4%. To mitigate address factors that might lead to programme, designed to help employees
the impact of changes in workforce, NPCI employee dissatisfaction or turnover. The understand and confidently embody the
has developed mechanisms to facilitate feedback allows our Company to devise Company’s guiding principles through an
smooth transitions, ensuring sustained targeted strategies for enhancing the infotainment-driven approach.
organisational growth while also work environment, such as recognising
nurturing the professional development and rewarding employees, improving
of its employees. communication and cultivating a

100%
culture of trust.
The Great Place to Work (GPTW) survey
serves as an effective tool for employee In addition to these efforts, NPCI places
retention, allowing NPCI to evaluate a strong emphasis on embedding its
Return to Work Rate
workplace culture, employee satisfaction core values throughout the organisation
for employees availing
and areas requiring enhancement. By through programmes like the NPCI
parental leave in FY 23-24
routinely conducting these surveys, Way League (NWL). Reintroduced in
NPCI can proactively identify and the year 2023, NWL is an engaging

Human Capital Development

eNable is NPCI’s learning experience platform designed

to empower employees by allowing them to set personal
learning goals, share thoughts and blogs through the
NPCI offers its employees with a platform’s forum, assess their skills and code using
range of opportunities to continue the latest technologies. Additionally, it provides guided
their learning journey through various learning paths through the Navigator feature, supporting
avenues. This includes access to
employees in building a strong foundation for their
NPCI’s in-house learning platform,
continuous development.
eNable as well as external courses
offered through platforms like
Udemy. Training programmes cover
essential areas, including emerging
technologies like Blockchain, Machine
Learning, Artificial Intelligence, Cloud Furthermore, NPCI offers employees NPCI has established partnerships
Computing and Coding. executive education opportunities at with esteemed institutions to offer an
prestigious Indian institutions such as array of Master’s and PG programmes
IIT and BITS Pilani, through its ‘Earn that cater to the diverse academic and
while you Learn’ programme. This professional needs of its workforce. The
initiative enables employees to pursue Higher Education Programme features

105
advanced degrees and postgraduate seven distinguished PG courses, tailored
(PG) programmes while remaining to impart advanced knowledge and
engaged in their roles, ensuring that skills across a spectrum of fields. Here,
average hours of training their professional development aligns we present a detailed overview of the
for each employee with the latest industry advancements. programme and employee participation:

© 2024 NPCI. All rights reserved 27

Empowering Our Workforce
and Communities

This allows employees to pursue their

Program Name Grand Total
academic aspirations without pausing
eMaster’s in Fintech - IITK 57 on their career aspirations. Through
Executive MBA – S.P Jain School of Global Management 23 such efforts, our Company aims to
MTech in Software Engineering - BITS Pilani 11 foster a culture of continuous and
life-long learning.
Advance Certificate in DevOps - Carnegie Mellon University 101
PG in AI and ML - IIIT Hyderabad 170 In addition to these initiatives NPCI
also offers the following career
PG in Block Chain - IIIT Hyderabad 101
development measures:
PG in Advance Full Stack - IIIT Hyderabad 111

Internal Job
Facilitates horizontal movement within the organization
Posting

Role
Progression Enables vertical advancement for employees seeking career growth
Policy

Job Provides opportunities for horizontal movement through various

Rotation roles within the company

Additionally, an Individual Development approach involves the manager Committee (NRC) at Board-level. This
Plan (IDP) is created for each employee, conducting regular progress evaluations review addresses the alignment of
which involves a collaborative and proposing necessary adjustments. potential successors to critical roles
approach between the employee and Complementing this, succession planning and their readiness, ensuring effective
their manager in formulating career is reviewed on an annual basis, guided leadership transition and continuity.
development strategies. This dynamic by the Nomination, Remuneration

Gender New Hires Gender FY 23-24

Employees FY 23-24
M F Breakup of personnel M F Total
joining the organisation
Senior management 23 4 27
Middle management 404 142 546 Senior management 5 0 5

Junior management 792 339 1131 Middle management 124 52 176

Contractual employees 163 51 214 Junior management 205 96 301

Contractual employees 61 23 84

Unit Age Group

Employees Nos <30 30-50 >50

Senior management D and above 27 0 21 6
Middle management B-C 546 59 471 16
Junior management below B 1131 835 295 1

28 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Occupational

Health and Safety

NPCI is dedicated to creating a safe

Fire Drills and Training Annual Fire Safety Audits
and healthy work environment for all
employees by adhering to the highest
Regular fire drills are conducted, An external agency conducts
standards of health and safety, in
along with Emergency Response annual fire safety audits, providing
compliance with regulatory mandates
Team (ERT) training. Employees reports with recommendations for
and its Health and Safety Policy. This
also receive hands-on training in improvements or necessary changes.
commitment is operationalised through
firefighting techniques.
its ESG Policy, which embodies our
Company’s dedication to prioritising
workforce well-being. NPCI continues
Fire Exit Identification Mock Evacuation Drills
to identify and mitigate Environmental,
Health and Safety (EHS) hazards, risks Fire exits are clearly highlighted Mock evacuation drills are conducted
and impacts across its offices through for easy identification twice a year to ensure preparedness.
regular assessments. Additionally, our during emergencies.
Company has established comprehensive
emergency response protocols,
encompassing clearly defined fire drill
procedures, hands-on training for
employees and regular external audits, Use of OEM Equipment Annual Electrical Safety Audits
all aimed at perpetually enhancing
safety measures. Only original equipment manufacturer An external agency conducts
(OEM) products, such as sprinklers, UPS, annual electrical safety
fire alarm systems (FAS), light fixtures, audits, providing reports with
and power sockets, are used to ensure recommendations for any necessary
the highest safety standards. improvements or changes.

0
Work-related injuries
NPCI continues to monitor and evaluate the evolving EHS landscape, to understand
and adapt to emerging best practices, wherever feasible.
reported during FY 24
POSH (Prevention of Sexual Physical and Mental Well-being
Harassment)
NPCI also recognises that the physical
All employees of the Company have the and mental well-being of its workforce is
right to be treated with equality, honour essential for ensuring their overall prosperity
and dignity. To uphold this principle, and professional growth. The Company
our Company mandates regular training prioritises initiatives to promote an inclusive
sessions on POSH across all levels and and positive work culture, where employee
locations. Moreover, to address and well-being is of paramount importance.
manage issues effectively, 5 Internal Each individual is encouraged to achieve
Committees (IC) have been established a harmonious work-life balance within
by the Senior Management at Mumbai, their roles and to leverage the various well-
Hyderabad and Chennai offices. being services provided. These services
encompass a range of benefits, including life
insurance, comprehensive medical insurance
and parental leave provisions to support
employees on their journey of parenthood.

© 2024 NPCI. All rights reserved 29

Occupational Health
and Safety

NPCI also upholds a dignity at Workplace

Policy, which guarantees every employee
the right to a safe, respectful and
conducive work environment, devoid
of hostility. Our Company is dedicated
to cultivating a professional atmosphere
where everyone is treated with respect,
allowing employees to feel valued and
realise their full potential.

In addition to these provisions, our

Company consistently invests in
employee engagement activities to
create a vibrant and engaging work
environment. This commitment is
demonstrated through interactive well-
being sessions, including Yoga, self-
defence, promoting health campaigns
Annual Day 2024
and wellness seminars focused on
various health benefits.

To further enhance the work environment,

NPCI has launched several significant
initiatives. The NPCI Premier League
(NPL), introduced in the year 2021, aims
to boost engagement, promote physical
wellness and support overall well-being.
With two major events already conducted,
NPL encourages active participation,
contributing to a vibrant and engaged
workforce. Additionally, the Annual Day
celebration, hosted at the end of each
year, exemplifies NPCI’s commitment
to nurturing a positive work culture.
This cultural festival features activities
like dance and singing performances
and recognises exceptional employee
achievements and long service to
further team cohesion and celebrate
the workforce's invaluable contributions.

Promoting employee well-being and

good health remains a key priority for
NPCI Premier League our Company, with multiple initiatives
being planned and led by NPCI’s Human
Resources department.

NPCI firmly believes that providing access

to well-being services is indispensable for
ensuring that employees lead enriching
and fulfilling lives.

30 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Accelerating

Financial Inclusion

Established with the intent of fortifying the infrastructure of the India’s

payments and settlements systems, NPCI has consistently focused itself
to advancing innovation and enabling financial inclusion on a broad scale.
By leveraging technology-based solutions, our Company has integrated
millions of Indians into the formal payments and settlements system.

2400+
Participants

37
Literacy Sessions on Digital
Payments Conducted

NPCI has partnered with banks,

regulators and educational
institutions to raise awareness on
Literacy Sessions
digital payments and safe usage

Through offerings such as AePS and UPI, Moreover, through RuPay, NPCI has
NPCI has empowered Indians to be a part Promoting financial achieved the milestone of developing
of the formal retail payments system, inclusion lies at the core an indigenous card payment system,
driving last-mile financial inclusion. Our tailored to address the evolving needs
Company has invested in developing of NPCI’s efforts of building of Indian consumers, partner banks and
solutions that are not only secure and innovative solutions for the merchant eco-system.
reliable but also inclusive, aiming to
extend the reach of the Indian payment
every Indian. NPCI continues to expand and enhance
systems. With alliances now established this product suite to empower diverse
with international network partners The Company continues customer segments, from individual retail
consumers to small business owners.
across France, UAE and Singapore, NPCI to invest in continuously
continues to innovate and broaden its
offerings beyond national boundaries,
expand its offerings and
ensuring seamless payments for increasing its reach within
international tourists and NRIs alike. and beyond India.

© 2024 NPCI. All rights reserved 31

Accelerating Financial
Inclusion

Training Sessions in Tier 2 and 3 Towns and Villages.

Objective: To educate grassroots communities about digital transactions.

Teaching residents how to send and receive money using BHIM

NPCI conducted and 123 Pay, and providing tips on UPI safety
activities in 40
villages across Installing wall paintings in the 40 villages Result: These efforts
India, including successfully educated
the following: Performing street plays (nukkad nataks) to reinforce approximately 40,000
digital payment people on digital payments

Corporate Social Responsibility

Acknowledging our duties as a socially responsible corporate citizen, we aim to contribute to long-term community development
by supporting and implementing projects that benefit the marginalised sections of society.

We have partnered with renowned non-governmental organisations to introduce holistic initiatives in the fields of education
and livelihood, environmental sustainability and humanitarian assistance.

NPCI’s Core CSR Thematic Focus areas

Education and Environment and Humanitarian

Livelihood – Programmes Sustainability Assistance

Improving the educational status Supporting environmental Empowering first responders,

of target beneficiaries and conservation through science, communities, and humanitarian
preparing them for better education, research, and organizations during
income generating opportunities training initiatives natural disasters

32 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Education and Livelihood – Programs

1. Foundational Learning Programme- Pratham Education Foundation

SDG Alignment

Lives impacted

33,992 Children

In partnership with Pratham, we have introduced the ‘Foundational Learning

Programme’, helping children in government schools to acquire foundational language 2,565 Volunteers
and arithmetic skills through a variety of interventions. Along with learning camps, we
distributed tablets to promote digital learning and ensured community involvement 7,796 Mothers
through volunteerism. We have also partnered with various government bodies to
ensure the sustainability of the project.
1,907Community members
The project covers 430 villages across four blocks in the Kanker district of Chhattisgarh,
encompassing three major components:

School- Targets primarily the learning gap in children from government schools.
Community- Involves parents, youth, Panchayat Raj Institution members, and
village elders to build a holistic learning environment for students through
volunteering activities.
 igital- Enables access to digital learning through appropriate digital content
D
for children.

2. Improving Enrolment-Retention-Learning of Out-of-School Children- Educate Girls

SDG Alignment

Lives impacted

19,997 Children

We believe in the power of quality education. Our Company has partnered with
Educate Girls to promote the enrolment, retention and learning of out-of-school
children from 429 villages in the Singrauli district of Madhya Pradesh. This project
aims at bringing systemic reform to girls’ education in the remote villages of Singrauli.

The objectives of the project are:

Increasing enrolment of out-of-school girls (OOSG) in the age group of 5-14.

Ensuring the retention of girls enrolled in school.
Improving basic numeracy and literacy of children in grades 3, 4 and 5.

During the pandemic, Camp Vidya, a community-based learning initiative, ensured

learning even during such difficult times. We also conducted life skill training for
adolescent girls, focusing on building resilience, interpersonal skills and quick
decision-making.

© 2024 NPCI. All rights reserved 33

Accelerating Financial
Inclusion

3. School Transformation Project- Learning Links Foundation

SDG Alignment

Lives impacted

200 School transformed

A holistic educational environment is essential to inculcate the love of education in

children. In collaboration with the Learning Links Foundation, we introduced the School 662 Teachers
Transformation Project, transforming existing Government Schools into engaging
learning spaces where children are motivated to come to school regularly. In addition
to this, the project also equips teachers with necessary learning tools and involves
12,570 Students

the community for proper management. The programme is being implemented in 50

schools in the aspirational districts of Washim and Gadchiroli in Maharashtra. 800 SMC
Across 50 schools, the programme has conducted SMART classes, installed RO plants for clean
and safe drinking water, renovated and upgraded toilets with incinerators, established science
labs and libraries and introduced building as learning Aid (BaLA) paintings. Along with physical
4,946 Women
developments, the project also focuses on professional development by conducting various
trainings and district-level workshops in partnership with the district education department.

4. Mini Science Lab Project- Seva Sahayog Foundation

SDG Alignment

Lives impacted

13 Government Schools
NPCI has partnered with the Seva Sahayog Foundation to implement Mini Science
Lab project across 50 government schools in the Singrauli district of Madhya Pradesh. 6,209 Students
The project aims to provide government schools with suitable science teaching
infrastructure and empower teachers through training. It also encourages DIY workshops
and science exhibitions, promoting scientific and rational thinking among students. In
addition to this, the labs are equipped with innovative and user-friendly equipment
for effective learning.

34 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

5. Career Guidance and Skill Development Project- Orion Educational Society

SDG Alignment

Lives impacted

2,500 Young Men and women.

NPCI and Orion Educational Society are jointly running a career guidance and skill
development project in five districts of Chhattisgarh, providing sustainable livelihood
opportunities for unemployed youth and women. The training programmes focuses on
competency-based training, capacity building, financial literacy, entrepreneurial activities,
employment and upskilling to develop economically and socially independent individuals.
The project offers skill training in Automobile, Retail, Construction, Healthcare and
Electronics, aligning with current and future job demands. So far, a total of 2500
unemployed youths have completed the training and are now prepared to join the
workforce across India.

6. Building sustainable playground for school children, Anthill’s creations

SDG Alignment

Impact of the Project

32 sustainable playgrounds
6,350 Children
Through our initiative, we aim to build sustainable playgrounds across three districts--
Gadchiroli in Maharashtra, West Garo Hills in Meghalaya and West Tripura District in
Tripura. The playscapes would be developed in 32 schools across the three states,
providing children access to dedicated play areas within their schools. Constructed
using upcycled materials such as tyres, oil drums, etc., the projects aims to promote
the concept ‘best out of waste’. The project will upcycle 600+ kg of tyres and aims to
benefit 5,000 students.

© 2024 NPCI. All rights reserved 35

Accelerating Financial
Inclusion

Environmental Sustainability – Programs

Building Climate Resilient Community for Securing Livelihood, SRIJAN

SDG Alignment

Lives impacted

3,000 women farmers

In partnership with SRIJAN, we have implemented a comprehensive project across
30 villages of Chattarpur, Madhya Pradesh. The project aims to enhance livelihood
and income of the farmers by creating sustainable socio-economic initiatives.

The project focuses on five circle livelihood cluster model of

Our holistic approach involves working

with communities and local self-
Credit linkages governance institutions to develop their
Appropriate
with financial capacities in various thematic areas.
technology
institution We prioritise enhancing accountability
Community Soil health, through shared roles and responsibilities,
institution with Value
water access and chains while also creating synergies for vertical
management
capacity climate action growth by engaging multiple stakeholders.
This convergent and planned intervention
ensures a comprehensive and effective
impact on the rural community.

NPCI is committed to identifying and

continuing support for programs and
projects aimed at:

Developing and advancing the

community, in particular, those at
the bottom of the pyramid who are
unequally endowed/enabled.
Encouraging and creating sustainable
conservation by supporting research,
capacity building and projects
and reducing negative impact on
the environment.

Our Company’s CSR policy serves

as a guiding document to identify,
execute and monitor CSR projects,
ensuring alignment with the regulatory
requirements and our commitment to
driving holistic growth.

36 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Promoting Governance

Excellence and Integrity

Corporate Governance

To achieve the goal of fostering financial inclusion through innovative digital payment solutions, strong corporate
governance is crucial.

Comprising 14 members, including 13

Gender
males and one female, with four serving
as Independent Directors, our visionary Governance Bodies Total Male Female Male(%) Female(%)
leadership provides robust guidance, Board of Directors 14 13 1 92.86 % 7.14%
propelling the Company to new heights
Management Committee 9 7 2 78% 22%
of success. The Chairman and CEO act
as a bridge between the board and
management, ensuring cohesive and These committees focus on specific areas management of its economic,
effective decision-making. and activities as mandated by applicable environmental and social impacts to
laws and regulations, requiring close the highest governance body.
The Board’s optimal composition has oversight. For instance, the NRC oversees
been pivotal to its effectiveness. Our all aspects of directors’ appointment, To maintain independence, we ensure
Board’s diversity policy and director including conducting due diligence and the Chair of the Board of Directors is a
appointment policy have ensured that determining the ‘Fit and Proper’ status Non-executive Independent Director.
the Board is capable of addressing the of candidates in accordance with the Additionally, we also have a Code of
diverse needs of the Company. Reserve Bank of India (RBI) regulations. Conduct (CoC) specifically designed for
directors, signed annually to ensure
Overall, the committees formed by the Quarterly, the Board and other there are no conflicts of interest.
Board play a crucial role in maintaining committee meetings are scheduled
the Company’s governance structure. to report about the organisation’s

Board Of Directors

Customer and Technology Corporate

Stakeholders Audit and Project Social
Service Committee Management Responsibility
Committee Committee Committee

Nomination
Risk Business Committee
and
Management Strategy of Independent
Remuneration
Committee Committee Directors
Committee

© 2024 NPCI. All rights reserved 37

ESG

Oversight and Governance

We have established a robust ESG at the apex, setting the direction for
governance structure, integrating our sustainability strategy. The Risk
environmental, social and governance Management Committee (RMC)
principles into our core operations. oversees its execution, while the Steering
Committed to facilitating sustainable Committee and working group remains
development and financial inclusion, responsible for proper implementation
we ensure our governance framework of the initiatives. This comprehensive
upholds responsible growth, transparent approach not only supports global
reporting and ethical conduct. sustainability goals but also furthers
our commitment to fostering trust and
At NPCI, we have established a 3-tier long-term value for all stakeholders.
governance structure, with the Board

38 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Business

Ethics
We recognise that ethical conduct forms the cornerstone of our sustainability
objectives. Upholding unwavering commitment to transparency and
responsible growth, we remain resolute in our pursuit to provide financial
inclusion and establish our leadership in the digital payment sector.
At NPCI, integrity is ingrained in our corporate DNA, cultivating a trusted and equitable financial ecosystem that ensures
better access to financial services.

We also ensure our vendors comply

with the Supplier Code of Conduct that
outlines NPCI standards for ethical
business practices and human rights.
The suppliers must meet basic human
rights, prevent harassment and abuse
and maintain high ethical standards,
avoiding corruption and disclosing
conflicts of interest. The policy also states
Our Code of Conduct outlines clear We also have established anti-bribery that the suppliers must refrain from
guidelines for expected behaviour, policies to promote ethical conduct in offering gifts or employment to NPCI staff
encompassing corporate governance all interactions with customers. These to influence business and must protect
practices and actions for all key policies ensure that all engagements are confidential information and adhere to
stakeholders within the organisation. conducted with the highest standards antitrust laws.
It serves as the guiding light, ensuring of probity and respect for legal and
consistency, transparency and ethical boundaries. These guidelines reflect our commitment
accountability across the organisation. to ensuring a responsible and
The Whistleblower Policy enables transparent business environment.
In addition to this, our Conflict-of- individuals to report concerns about The Company maintains a robust
Interest Policy mandates employees malpractice, including unethical conduct, governance framework with stringent
to annually confirm their compliance fraud and breaches of NPCI’s Code of internal controls that ensure compliance
at the outset of each financial year. Conduct or intellectual property rights. with the regulations, Code of Conduct
The policy emphasises the duty of all The policy ensures confidentiality and and other policies, fostering integrity
employees to prioritise the organisation’s protection from retaliation for those and responsible behaviour throughout
interests and maintain the highest who report in good faith. the organisation.
standards of adherence to the policy.

Other policies include:

Environmental Stakeholder Employee well-being,

Data Privacy Cybersecurity
Responsibility Engagement Health and Safety

Policy on Prevention
Information Corporate Social Board
of Sexual
Security Responsibility Diversity
Harrassment

© 2024 NPCI. All rights reserved 39

Business Ethics

Grievance and Feedback Mechanism

At NPCI, customer care is at the center of our operations. We have implemented various channels to ensure a smooth and
efficient grievance and feedback process, ensuring prompt responses.

End-user customers can raise complaints We have established a comprehensive We also provide an e-Grievance
through dispute redressal mechanism Grievance Redressal Policy for settlement portal (BUDS – HR Chatbot).
on our website [Register a complaint employees, outlining the scope, Through this portal, employees receive
([Link])]. Additionally, customers can applicability and detailed procedures for written responses to complaints within
approach the Banking Ombudsman or addressing grievances and complaints. 48 hours (two working days). If the
Ombudsman for digital complaints. The The policy clearly defines the types employee is not satisfied with the reply,
complaints can be made for both fund of issues that can be reported, the employee can escalate the matter to the
transfer and merchant transactions and concerned authorities and also a Chief – HR or MD & CEO and would get a
one can receive regular status updates structured escalation matrix to ensure written resolution within 15 days.
on the application. grievances are handled efficiently. It
empowers employees with clear steps
and designated contact at each stage
of the resolution process.

Risk Management
Any business is vulnerable to both external and internal risks. At NPCI, risk management is central to our mission to ensure
the safety, security and sustainability of national retail payment systems. We believe that effective risk management, guided by
an Enterprise Risk Management framework, is key to achieving an optimal risk-reward balance and is integral to our decision-
making process. NPCI’s comprehensive risk management process allows for controlled risk-taking through the assessment
and identification of risks and opportunities using both top-down and bottom-up approaches.

Key principles include:

Identify Measure Monitor Report

Early risk identification Addressing individual Developing new Making informed,

and proactive mitigation. systems while considering monitoring methods and knowledge-based decisions
systemic impact. forward-looking strategies for effective outcomes.

This is a continuous process, aligned with the organisation’s strategy and is frequently evaluated by the Board and its
senior management.

Embedding ESG considerations within ERM and BCP frameworks

To foster long-term resilience and Continuity Plan (BCP) frameworks. This The current risk management framework
sustainability, we aim to integrate ESG approach enables us to proactively address covers 10 types of risk; from FY 24-25,
considerations into our Enterprise potential risks and enhance our capacity to the Company will conduct an internal
Risk Management (ERM) and Business respond to emerging challenges. assessment to identify and shortlist the
most material climate-related/ESG risks.
This process involves recognising physical
risks, such as extreme weather events

40 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

like flooding and storms and transition

risks associated with regulatory changes. Acknowledging the growing significance of climate
Subsequently, we will proceed with
risk and related disclosures, NPCI will commence
a phased approach to systematically its journey towards.
integrate these identified risks into our
TCFD-aligned reporting in FY 2025
Enterprise Risk Management (ERM) and
Business Continuity Plan (BCP).

Data Privacy and Information Security

At NPCI, we remain resolute in our commitment to providing data privacy and information security. The protection of sensitive
information is of paramount as we continue to create an inclusive financial ecosystem. We have implemented robust security
measures into our operations, safeguarding user data while promoting trust and accessibility in the digital payments landscape.

Our Data Privacy Policy outlines the We strengthen our technology resilience

Zero
requirements to ensure compliance with with quarterly Disaster Recovery (DR)
relevant laws and regulations for the testing and conduct annual month-long
collection, storage, use, transmission, email campaign to raise cybersecurity
disclosure and retention of personal and Data Breaches awareness among our employees.
sensitive data. It also details NPCI’s Data Furthermore, information security
Privacy Governance structure, which training is mandatory for all new
comprises of six layers. employees and we perform external

We also have a robust Cybersecurity

and Information Security policies,
Zero
Complaints concerning
audits for any Information Security
Management System (ISMS) changes.

providing comprehensive details This year NPCI had Zero data breaches.
customer privacy
on minimum required standards for This can be primarily attributed to 24/7
security, fraud detection, anti-malware SOC monitoring, ensuring continuous
and virus protection. oversight, regulatory compliance and
We have ISO 27701 (2019), ISO 27001 proactive post-incident analysis.
Additionally, NPCI’s Third Party Risk (2022), ISO 22301 (2019) certifications
Management Policy defines procedures and adhere to the National Institute
for third-party service providers to of Standards and Technology (NIST)
manage and mitigate information guidelines, reflecting our commitment
security risks, ensuring seamless to maintaining the highest standards
operations for the Company. Vendor
data privacy guidelines are also in place,
extending the Company’s Data Privacy
of information security and business
continuity. We also have a cybersecurity
framework built upon NIST, ISO
24/7
SOC Monitoring
Policy to all third-party service providers. 27001:2022, and PCI DSS 4.0 standards.

© 2024 NPCI. All rights reserved 41

Business Ethics

Interactive Awareness Campaigns to Enhance Security Vigilance

Monthly Annual Workshops Information Call

awareness mandatory focusing on Security Tree
mailers training critical SPOCs’ induction exercises
via LMS awareness training

Customer Awareness

NPCI employs various measures to ensure customers are well-informed about its products and avoid any
misleading information.

Awareness Grievance Collaboration Regular

Campaigns Redressal Mechanism with Banks Workshops

NPCI conducts campaigns to NPCI provides a platform NPCI works with partner NPCI holds workshops with
educate customers. for customers to report banks to ensure they follow ecosystem partners to
misleading information or fair business practices and exchange ideas and share
unfair practices. provide accurate customer best practices.
information.

Periodic Educational Knowledge

Updates Series Sharing

NPCI issues updates on NPCI publishes print NPCI releases

new initiatives and changes and video educational whitepapers and blogs to
to the ecosystem. series regularly. share knowledge.

42 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

UPI Safety Awareness Campaign Digital Payments

Awareness in Rural Areas
NPCI onboarded acclaimed actor confidential financial details. The
Pankaj Tripathi as the brand campaign emphasizes careful To enhance digital payments
ambassador for the UPI safety transaction practices. awareness in rural areas, NPCI
awareness campaign themed organised a campaign during the
#GyaanSeDhyaanSe. The campaign Campaign assets were distributed annual Pandharpur Yatra in Pune
features six films in 11 Indian via print, radio, cinema, OTT, social district, which receives a footfall
languages, showcasing the methods media, digital media and influencer of around two million attendees.
used by fraudsters. collaborations, including RJ Naved on Through promoter activities and
radio and Instagram. Advertisements street plays, small merchants
The key messages, include were also aired during IPL 2024 and stall owners, the campaign
avoiding unknown links, scanning matches and on the Public Application engaged with over 100,000 people,
QR codes only to send money for rural penetration. promoting the benefits of UPI and
(not to receive) and never sharing assisting them in adopting digital
payment platforms.

NPCI has been honoured with the following awards for its outstanding UPI Safety Campaign.

Brand Equity Sharks Awards 2023 BW Marketing world 2024

© 2024 NPCI. All rights reserved 43

Responsible

Sourcing
In our pursuit of building a better tomorrow, we aim to embrace more
responsible sourcing practices in our operations in the coming financial
year. We recognise that sourcing decisions profoundly impact communities,
the environment and our overall sustainability goals.
By prioritising supplier sustainability, we aspire to create a positive and lasting impact on society and the environment.

100%
of local goods/services are
procured from domestic
suppliers

Currently, we have a verification team, responsible business conduct across We also aim to roll out a supplier
including annual financial checks, NPCI’s supply chain. onboarding questionnaire aimed at
that evaluate vendor reliability prior identifying suppliers who comply with
to onboarding. We embrace active Our key considerations include labour the SCoC. This initiative, along with
measures to blacklist vendors engaged practices, human rights, environmental ongoing monitoring, will ensure that
in corruption or unethical behaviour. sustainability and ethical conduct. suppliers adhere to NPCI’s standards and
Suppliers must uphold workers’ rights, promote transparency. These measures
In the FY 23-24, we created a Supplier prohibit forced labour and discrimination, demonstrate our commitment to aligning
Code of Conduct (SCoC) – a guiding ensure safe working conditions and every aspect of its sourcing with core
document that integrates ESG comply with environmental regulations. values and making positive contributions
considerations in input sourcing and In addition to this, ethical conduct to society and the environment.
procurement. This framework provides mandates integrity in business dealings,
NPCI guiding principles for engaging transparency in conflicts of interest and
with suppliers, emphasising ethical confidentiality of information.
practices, sustainability standards and

Key Considerations of Supplier Code of Conduct

Labour Human Environmental Ethical

Practices Rights Sustainability Conduct

44 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Stakeholder Engagement: Working Together for Mutual Goals

In our ongoing mission to redefine digital The collaborative approach have propelled with employees, customers, suppliers,
payment landscape, we acknowledge the us to provide financial services , promoting investors and communities, we receive
importance of meaningful stakeholder inclusivity and sustainability. Our Customer valuable insights that encourage us to make
engagement. We engage with diverse and Stakeholders Service Committee continuous improvement. We will continue
stakeholders—ranging from customers oversees stakeholder engagement, to engage with stakeholders, address their
and employees to community leaders developing strategic plans, communication concerns and build strong, trust-based
and industry partners—to ensure our initiatives, feedback mechanisms and relationships that support NPCI’s long-term
innovations meet the expectations of our relationship-building activities across all sustainability goals.
valued stakeholders. By actively listening operational sectors and regions.
and responding to all the feedbacks, we
create payment solutions that are not only At NPCI, our stakeholder engagement
accessible and efficient but also socially and has been at the core of our operations.
environmentally responsible. Fostering open dialogue and collaboration

Stakeholder Mode of Frequency of Purpose and scope of Engagement

Group Engagement Engagement including topics and concerns raised
during such engagements
(Email, SMS, Newspapers, Pamphlets, (Annually/Half Yearly/
Advertisements, Community Meeting, Quarterly)
Notice Board, Website etc.) others
Customers Email, SMS, Newspapers, Steering On-going (depending on Campaign communication, awareness,
Committee Meetings, Digital and Social, the initiative) launch of new product and features, etc.
Out of Home (OOH), Radio, Activations
Investors Email, Meeting On need basis Provide information on progress towards
and Shareholders commitments, future plans
Regulatory Bodies Email, Meeting On need basis Information on latest regulations
Employees Screen savers, internal branding, On-going (depending on To share information
emailers and through whatsapp the initiative)
Industry Association Industry events Event-triggered Industry events like MSME workshops,
Global Fintech Fest are leveraged to raise
awareness about launch products and
other important events.
Community Partnerships with banks, On need basis CSR Projects, Financial Literacy programs
regulators, NGOs, educational
institutions, among others
Suppliers/ Vendors Regular Job status report with creative Weekly / Monthly To discuss campaign development and
and media agency partners deployment across various media

Contact Us
We welcome our stakeholders to engage with us regarding this report or any other relevant topics.
Your invaluable input encourages us to consistently work towards the highest standards of excellence.
Please do not hesitate to contact NPCI at [Link]@[Link].

© 2024 NPCI. All rights reserved 45

Annexures

Annexure 1: GRI Index

Indicator Disclosure Chapter/section Page
details details name/statements no. SDG

The organization and its reporting practices

2-1 Organisational details About NPCI 4

2-2 Entities included in the organisation’s Reporting Boundary 1

sustainability reporting

2-3 Reporting period, frequency Reporting Boundary 1

and contact point

2-4 Restatements of information This is the first Sustainability

Report. As such, no
restatements have been made.

Activities and workers

2-6 Activities, value chain, and other Product Portfolio: 14-22

business relationships Driving Innovation in the
Payments Ecosystem.

2-7 Employees Human Capital Development 27-28

2-8 Workers who are not employees Human Capital Development 27-28

Governance

2-9 Governance structure Corporate Governance 37-38

and composition

2-10 Nomination and selection of the Corporate Governance 37-38

highest governance body

2-11 Chair of the highest governance body Corporate Governance 37-38

2-12 Role of the highest governance Corporate Governance 37-38

body in overseeing the
management of impacts

2-13 Delegation of responsibility for Corporate Governance 37-38

managing impacts

2-14 Role of the highest governance body ESG Oversight and Governance 37-38
in sustainability reporting

2-15 Conflicts of interest Corporate Governance, 37-39

Business Ethics

46 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Indicator Disclosure Chapter/section Page

details details name/statements no. SDG

2-16 Communication of critical concerns Stakeholder Engagement 44-45

2-17 Collective knowledge of the highest Corporate Governance 37-38

governance body

2-18 Evaluation of the performance of the Corporate Governance 37-38

highest governance body

2-19 Remuneration policies Corporate Governance 37-38

2-20 Process to determine remuneration NPCI gathers stakeholder

feedback during annual
performance discussions.
Remuneration consultants
are engaged on an as-
needed basis, particularly for
market intelligence.

Strategy, policies, and practices

2-22 Statement on sustainable ESG Strategy: Unveiling 12-13

development strategy our Approach

2-22 Policy commitments Business Ethics 39-43

2-24 Embedding policy commitments Business Ethics 39-43

2-26 Mechanisms for seeking advice and Grievance and 40

raising concerns Feedback Mechanism

2-27 Compliance with laws and regulations Business Ethics 39-43

© 2024 NPCI. All rights reserved 47

Annexures
Annexure 1: GRI Index

Indicator Disclosure Chapter/section Page

details details name/statements no. SDG

Stakeholder Engagement

2-29 Approach to stakeholder engagement Stakeholder Engagement 44-45

2-30 Collective bargaining agreements Human Capital Development 27-28

3-1 Process to determine material topics Materiality Assessment: 9-11

Identifying Key Priorities

3-2 List of material topics Materiality Assessment: 9-11

Identifying Key Priorities

3-3 Management of material topics Materiality Assessment: 9-11

Identifying Key Priorities

201-3 Defined benefit plan obligations and Pension: Monthly deductions are
other retirement plans accumulated with the Employees’
Provident Fund Organization
(EPFO), and eligible employees
will receive a monthly pension
upon retirement.

NPS: Monthly deductions are

transferred to the employee’s
Permanent Retirement
Account Number (PRAN).

202-1 Ratios of standard entry level

wage by gender compared to local
minimum wage

204-1 Proportion of spending on local Responsible Sourcing 44-45

suppliers

205-2 Communication and training

about anti-corruption
policies and procedures

48 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Indicator Disclosure Chapter/section Page

details details name/statements no. SDG

205-3 Confirmed incidents of corruption Business Ethics 39-43

and actions taken

206-1 Legal actions for anti-competitive Business Ethics 39-43

behaviour, anti-trust, and
monopoly practices

301-2 Recycled input materials used

301-3 Reclaimed products and their

packaging materials

302-1 Energy consumption within Emissions Management 23-24

the organization

302-3 Energy intensity

302-4 Reduction of energy consumption Emissions Management 23-24

302-5 Reductions in energy requirements

of products and services

303-1 Interactions with water as a Water 24

shared resource Conservation and Management

303-2 Management of water discharge- Water 24

related impacts Conservation and Management

303-3 Water withdrawal Water 24

Conservation and Management

303-4 Water discharge Water 24

Conservation and Management

303-5 Water consumption Water 24

Conservation and Management

305-1 Direct (Scope 1) GHG emissions Emissions Management 23-24

305-2 Energy indirect (Scope Emissions Management 23-24

2) GHG emissions

© 2024 NPCI. All rights reserved 49

Annexures
Annexure 1: GRI Index

Indicator Disclosure Chapter/section Page

details details name/statements no. SDG

305-4 GHG emissions intensity

305-5 Reduction of GHG emissions Emissions Management 23-24

306-1 Waste generation and significant Waste Management 24

waste-related impacts

306-2 Management of significant waste- Waste Management 24

related impacts

306-3 Waste generated Waste Management 24

306-4 Waste diverted from disposal Waste Management 24

306-5 Waste directed to disposal Waste Management 24

401-1 New employee hires and Human Capital Development 27-28

employee turnover

401-2 Benefits provided to full-time Talent Attraction, Occupational 26, 29-30

employees that are not provided to Health and safety
temporary or part-time employees

401-3 Parental leave Occupational Health and safety 29-30

403-1 Occupational health and safety Occupational Health and safety 29-30
management system

403-3 Occupational health services Occupational Health and safety 29-30

403-4 Worker participation, consultation, Occupational Health and safety 29-30

and communication on occupational
health and safety

403-5 Worker training on occupational Occupational Health and safety 29-30

health and safety

403-6 Promotion of worker health Occupational Health and safety 29-30

403-8 Workers covered by an Human Capital Development 27-28

occupational health and safety
management system

50 © 2024 NPCI. All rights reserved

 National Payments Corporation of India
Sustainability Report FY 23-24

Indicator Disclosure Chapter/section Page

details details name/statements no. SDG

403-9 Work-related injuries Occupational Health and safety 29-30

404-1 Average hours of training per Human Capital Development 27-28

year per employee

404-2 Programs for upgrading Human Capital Development 27-28

employee skills and transition
assistance programs

404-3 Percentage of employees receiving Human Capital Development 27-28

regular performance and career
development reviews

405-1 Diversity of governance Corporate Governance 37-38

bodies and employees

406-1 Incidents of discrimination and

corrective actions taken

413-1 Operations with local community Corporate Social Responsibility 32-36

engagement, impact assessments,
and development programs

414-1 New suppliers that were screened Responsible Sourcing 44-45

using social criteria

417-1 Requirements for product and service

information and labelling

417-2 Incidents of non-compliance

concerning product and service
information and labelling

417-3 Incidents of non-compliance

concerning marketing
communications

418-1 Substantiated complaints concerning Data Privacy & 41

breaches of customer privacy and Information Security
losses of customer data

© 2024 NPCI. All rights reserved 51

Annexure 2

Glossary
GRI Global Reporting Initiative
SDG Sustainable Development Goal
ESG Environmental, Social, Governance
UPI Unified Payments Interface
AePS Aadhaar enabled Payments System
IMPS Immediate Payment Service
NETC National Electric Toll Collection
NIPL NPCI International Payments Limited
GHG Green House Gas
RBI Reserve Bank of India
IBA Indian Banks’ Association
NFS National Financial Switch
BRSR Business Responsibility & Sustainability Reporting
MSCI Morgan Stanley Capital International
DJSI Dow Jones Sustainability Index
KPI Key Performance Indicator
CSR Corporate Social Responsibility
BCP Business Continuity Planning
OHS Occupational Health and Safety
PVC Polyvinyl Chloride
KPI Key Performance Indicators
EVP Employee Value Proposition
EHS Environmental, Health, and Safety
RMC Risk Management Committee
TPAP Third Party Application Provider
PSP Payment Service Provider
ERM Enterprise Risk Management
ISO International Organization for Standardization
SoC Security Operations Center
SCoC Supplier Code of Conduct

52 © 2024 NPCI. All rights reserved

National Payments Corporation of India 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex,
Bandra (East), Mumbai - 400 051 [Link]