[wtmt]

NPCI, contrary to what the name seems to imply, is not a government company or organization. It’s a consortium of government and private banks (including the likes of foreign banks like Citibank and HSBC). Its payment services are allowed by the RBI. Neither is the BHIM app a government app. It’s an NPCI app.

[zuron7]

Ah, seems that you are right. The government doesn't own it, but sure does seem to have a controlling stake through the Public Sector Banks.