The National Payments Corporation of India (NPCI) announced on Wednesday, November 4, the establishment of NPCI Tech Solutions Limited (NTSL), a new wholly-owned subsidiary. This strategic move aims to significantly enhance NPCI's capabilities in cutting-edge technologies, including artificial intelligence (AI), blockchain, and advanced digital financial infrastructure.
As part of this significant development, NPCI has appointed Vishal Kanvaty as the Managing Director and Chief Executive Officer (MD & CEO) of NTSL. Kanvaty, a veteran with nearly a decade of experience at NPCI, has been instrumental in developing and commercializing several market innovation platforms, many of which now fall under NTSL's core focus.
Expanding Beyond Core Payments
The formation of NTSL marks a pivotal expansion of NPCI's technological footprint beyond its traditional mandate of operating India's retail payment and settlement systems. The new subsidiary will function as the group's dedicated technology and innovation arm, with a clear focus on:
- Artificial Intelligence (AI)
- Blockchain technology
- Digital financial infrastructure development
- Global Capability Centre (GCC) services
NTSL will also play a crucial role in providing technology services for various digital public infrastructure initiatives, such as eKYC Setu and the Unified Ticketing Platform (UTP). These efforts align with NPCI's broader vision to foster digital infrastructure growth across India.
Leadership and Future Vision
Dilip Asbe, Managing Director and CEO of NPCI, emphasized the importance of technology in 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," Asbe stated, highlighting NTSL's role in pursuing these opportunities and bolstering the NPCI Group's technological prowess.
NPCI, established by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), is the operator of major platforms like the Unified Payments Interface (UPI), RuPay, Immediate Payment Service (IMPS), and the Aadhaar Enabled Payment System (AePS). With NTSL, NPCI now has four wholly-owned subsidiaries, joining NPCI International Payments Limited (NIPL), NPCI Bharat BillPay Limited (NBBL), and NPCI BHIM Services Limited (NBSL).