NPCI sets up tech subsidiary, appoints Vishal Kanvaty as MD & CEO

The National Payments Corporation of India (NPCI) has set up NPCI Tech Solutions Ltd (NTSL) as a wholly owned subsidiary to expand its technology and innovation initiatives.

Vishal Kanvaty has been appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the new entity.

NTSL will focus on emerging technology areas beyond NPCI's core payments business, including artificial intelligence (AI), blockchain, digital financial infrastructure and Global Capability Centre (GCC) services.

The subsidiary will also provide technology services for initiatives such as eKYC Setu, the Unified Ticketing Platform (UTP) and other Digital Public Infrastructure (DPI) programmes.

Kanvaty joined NPCI in 2017 and has worked across product and innovation roles, including leading its Chief Market Innovation portfolio. He was appointed CTO in April 2023 and brings over two decades of experience across credit cards, e-commerce, mobile banking, financial inclusion and business process automation. He holds a B.Tech degree from JNTU, Hyderabad, and is an alumnus of IIM Ahmedabad.

Commenting on the appointment, Dilip Asbe, MD & CEO of NPCI, said NTSL would help strengthen the group's technology capabilities and explore opportunities in AI and other emerging technologies.

With the addition of NTSL, NPCI has four wholly owned subsidiaries: NPCI International Payments Limited (NIPL), NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL).

NPCI operates India's retail payment and settlement infrastructure and manages platforms such as Unified Payments Interface (UPI), RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH) and Aadhaar Enabled Payment System (AePS).