National Payments Corporation of India (NPCI) today announced the formation of NPCI Tech Solutions Limited (NTSL) as its wholly owned subsidiary and appointment of Vishal Kanvaty as the Managing Director & Chief Executive Officer (MD & CEO) of NTSL.
NTSL has been established as the technology and innovation arm of NPCI Group. It will build capabilities beyond NPCI's core payments mandate, with a focus on Artificial Intelligence (AI), Blockchain & Digital Financial Infrastructure and Global Capability Centre (GCC) services. NTSL will also provide technology services for eKYC Setu, Unified Ticketing Platform (UTP) and other Digital Public Infrastructure (DPI) programmes, supporting the expansion of the Group's technology initiatives.
Vishal, who has been associated with NPCI for nearly a decade, has led the development and commercialisation of several market innovation platforms that now form part of NTSL's focus areas and will lead the company as it builds capabilities across these emerging technology domains.
Dilip Asbe, Managing Director & CEO, NPCI, said, “Technology has been at the core of NPCI's journey and its contribution to India's digital transformation. As we look ahead, advancements in Artificial Intelligence and other emerging technologies are creating new possibilities across digital infrastructure and financial services. NTSL has been established to focus on these opportunities and further strengthen the NPCI Group's technology capabilities. We are pleased to have Vishal lead NTSL and are confident that his experience and leadership will guide its growth and future direction.”
About NPCI:
National Payments Corporation of India (NPCI) is the umbrella entity responsible for operating retail payments and settlement systems in India. It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The Company is focused on bringing innovations in the retail payment systems by using technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI is committed to harnessing the transformative potential of deep tech, creating an ecosystem that fosters collaboration to work on breakthrough technologies. Underlining its commitment to service, NPCI has been incorporated as a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
NPCI has made a profound impact on India's retail payment landscape, focusing on creating robust, efficient, and inclusive payment and settlement solutions. NPCI has been instrumental in introducing a range of products that have revolutionised retail payment systems. These include Unified Payments Interface (UPI), RuPay, National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS), e-RUPI and more. Each of these products has contributed significantly to enhance the efficiency and accessibility of payment systems in India, ultimately propelling financial inclusion.
NPCI has played a fundamental role in establishing the foundation for India’s rapidly growing digital payments ecosystem, projecting the country onto the global stage.
NPCI has four wholly owned subsidiaries – NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL) and NPCI Tech Solutions Limited (NTSL) established in pursuance of NPCI Board & RBI approval.
For more information visit: https://www.npci.org.in/
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