The digital payment system UPI, has been developed by which of the following institutions?  

National Payments Corporation of India (NPCI) an umbrella organisation for operating retail payments and settlement systems in India under the provisions of the Payment and Settlement Systems Act, 2007 , for creating a robust Payment & Settlement Infrastructure in India. Founded in 2008 , the NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013 , established by the Reserve Bank of India and Indian Banks' Association.   NPCI has rolled out a variety of innovative retail payment products viz., IMPS, RuPay card scheme, UPI, NACH, Aadhaar-enabled Payments System (AePS), Aadhaar Payments Bridge System (APBS), NETC, *99# (USSD based) and BBPS etc.