India’s digital payments ecosystem is expanding into new areas of technology, with the National Payments Corporation of India (NPCI) establishing a dedicated subsidiary to strengthen its capabilities in artificial intelligence, blockchain and digital financial infrastructure.
On November 4, NPCI announced the formation of NPCI Tech Solutions Limited (NTSL), a wholly owned subsidiary that will serve as the group’s technology and innovation arm. The organisation has appointed Vishal Kanvaty as Managing Director and Chief Executive Officer (MD & CEO) of the newly established company.
The move marks an expansion of NPCI’s technology initiatives beyond its core payments mandate, with a broader focus on emerging digital infrastructure and financial services.
NTSL will concentrate on artificial intelligence (AI), blockchain, digital financial infrastructure and Global Capability Centre (GCC) services. It will also provide technology services for digital public infrastructure initiatives, including eKYC Setu and the Unified Ticketing Platform (UTP).
The subsidiary will focus on developing expertise in emerging technologies while supporting the creation and commercialisation of technology-driven platforms.
Kanvaty, who has been associated with NPCI for nearly a decade, has played an important role in developing and commercialising several market innovation platforms. According to NPCI, a number of these platforms now fall within NTSL’s areas of focus. In his new position, he will lead the subsidiary’s efforts to build capabilities across AI, blockchain and other emerging technologies.
Commenting on the development, Dilip Asbe, Managing Director and CEO of NPCI, said, “Technology has been at the core of NPCI’s journey and its contribution to India’s digital transformation.”
He added, “As we look ahead, advancements in Artificial Intelligence and other emerging technologies are creating new possibilities across digital infrastructure and financial services.”
Asbe said NTSL had been established to pursue these opportunities and further strengthen the NPCI Group’s technology capabilities.
Established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), NPCI operates India’s retail payment and settlement infrastructure. Its major platforms include the Unified Payments Interface (UPI), RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Aadhaar Enabled Payment System (AePS) and National Electronic Toll Collection (NETC).
With the formation of NTSL, NPCI now has 4 wholly owned subsidiaries. The other 3 are NPCI International Payments Limited (NIPL), NPCI Bharat BillPay Limited (NBBL) and NPCI BHIM Services Limited (NBSL).
NPCI stated that NTSL was established following approvals from its board and the RBI, supporting the group’s expanding technology initiatives.
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