The National Payments Corporation of India has created NPCI Tech Solutions Limited as a specialized subsidiary dedicated to artificial intelligence, blockchain, and financial infrastructure. Current chief technology officer Vishal Kanvaty will lead the venture as managing director and chief executive officer following nearly a decade with the parent entity. The organization intends to harness emerging technologies to strengthen domestic public infrastructure while fostering advanced financial services research across the banking sector.
Key points
The specialized subsidiary marks the payments authority's fourth dedicated operating enti…: The specialized subsidiary marks the payments authority's fourth dedicated operating entity alongside units like NPCI International Payments.
The organization aims to advance research and development specifically across India's ban…: The organization aims to advance research and development specifically across India's banking and financial services domain.
The new company will provide technological services that support several of India's digit…: The new company will provide technological services that support several of India's digital public infrastructure initiatives.
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MUMBAI, Nov 4 : The National Payments Corporation of India (NPCI) said on Wednesday it had set up a wholly owned technology subsidiary called NPCI Tech Solutions Limited (NTSL) as its technology and innovation arm.
The unit will focus on areas such as AI, blockchain, digital financial infrastructure and global capability centre services, NPCI said.
• The payments authority's chief technology officer Vishal Kanvaty, who has been associated with NPCI for nearly a decade, has been appointed the managing director and CEO of NTSL, it said
• The NPCI is an umbrella entity responsible for operating retail payments and settlement systems including the popular Unified Payments Interface (UPI)
• The move comes as India increasingly looks to advance its AI research and development, especially in its banking and financial services sector
• NTSL will be the group's technology and innovation arm and will build capabilities beyond NPCI's core payments mandate as well as provide tech services for several of India's digital public infrastructure programmes, NPCI said in its statement
• "Advancements in AI and other emerging technologies are creating new…
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