Synopsis The government doesn't want public sector banks, which SBI and Bank of Baroda are, to compete against RuPay and UPI that are run by the National Payments Corporation of India (NPCI). Agencies SBI, HDFC Bank and Bank of Baroda together process over 50% of all digital transactions, including by their own customers and third-party networks such as NPCI's UPI. Mumbai: The finance ministry has raised concerns over State Bank of India’s plan to set up a joint venture with Bank of Baroda under the central bank’s new umbrella entity (NUE) framework, worried that it could squeeze the National Payments Corporation of India (NPCI), three people aware of the matter told The Economic Times.