Working with banks, fintech companies to resolve mutual fund glitch: NPCI

The National Payments Corporation of India (NPCI) said on Wednesday it's working with banks and fintech intermediaries to resolve the glitch in its upgraded automated clearing system that led to mutual fund transactions of hundreds of thousands facing delays or even failing in the past 10 days.

The umbrella entity, responsible for enabling a major chunk of the retail digital transactions in India, tried to reassure the investor community a day after ET reported that many investors missed out on the post-budget rally due to faults in NPCI's technology.

The National Automated Clearing House (NACH)-the system that debits monthly payments such as EMIs, mutual fund SIPs and insurance premiums from customers based on one-time consent-was upgraded on January 31.


The Sensex and Nifty have gained almost 9-10% since the Union Budget on February 1. "Most of the early issues observed in this regard are already solved and we are working with our bank and fintech partners to sort out any unresolved pendency," said the NPCI statement.