NBBL is a wholly owned subsidiary of National Payments Corporation of India (NPCI).
According to the companies, Banking Connect seeks to modernise traditional NetBanking by enabling businesses to access multiple participating banks through a single integration, reducing the need for separate bank-by-bank integrations and reconciliation systems.
The solution is currently supported by several major lenders, including State Bank of India, HDFC Bank, ICICI Bank, Federal Bank, AU Small Finance Bank and YES Bank. The companies said additional banking partners are expected to join the ecosystem over time.
Razorpay said the platform is designed to offer a more seamless payment experience through app-based, intent-driven and QR-enabled payment flows, reducing the number of redirects and authentication steps typically associated with NetBanking transactions.
The company added that Banking Connect will also streamline settlement and reconciliation processes for merchants through a unified operational framework.
Commenting on the partnership, Arif Khan, Chief Innovation Officer at Razorpay, said India’s digital payments ecosystem is entering a phase where convenience and reliability are becoming central to payment experiences across channels.
Noopur Chaturvedi, Managing Director and CEO of NPCI Bharat BillPay Limited, said the initiative is intended to support interoperable and future-ready payment infrastructure while improving payment experiences for businesses and consumers.
NetBanking continues to remain widely used for high-value transactions across sectors such as financial services, education, lending and government payments, despite the rapid rise of UPI and other real-time payment methods in India.
