The National Payments Corporation of India (NPCI) has formed NPCI Tech Solutions Limited (NTSL), a wholly owned subsidiary focused on technology and innovation beyond the organisation's core payments mandate. NPCI has appointed its chief technology officer, Vishal Kanvaty, as NTSL's managing director and chief executive officer.
The move gives NPCI a dedicated arm for emerging technologies and digital infrastructure services. NTSL will focus on artificial intelligence (AI), blockchain, digital financial infrastructure and global capability centre (GCC) services, according to NPCI.
The subsidiary will also provide technology services for eKYC Setu, the Unified Ticketing Platform (UTP) and other digital public infrastructure (DPI) programmes. These areas place the new company beyond the operation of NPCI's established retail payment networks.
What NTSL will do
NPCI said NTSL was created to build capabilities outside its core payments mandate. Its stated focus areas include:
- Artificial intelligence and blockchain
- Digital financial infrastructure
- Global capability centre services
- Technology services for eKYC Setu
- Technology services for the Unified Ticketing Platform and other DPI programmes
The company was established with approval from the NPCI board and the Reserve Bank of India (RBI). NPCI described it as the technology and innovation arm of the NPCI group.
The formation of NTSL means NPCI now has four wholly owned subsidiaries. The others are NPCI International Payments Limited (NIPL), NPCI Bharat BillPay Limited (NBBL) and NPCI BHIM Services Limited (NBSL).
NIPL handles the overseas expansion of the Unified Payments Interface (UPI) and RuPay. NBBL operates the bill payments network, while NBSL operates the BHIM app.
Vishal Kanvaty named MD and CEO
Kanvaty has worked at NPCI since 2017 and currently serves as its chief technology officer. During his tenure, he has held product and innovation responsibilities.
Before becoming CTO in April 2023, Kanvaty led NPCI's market innovation portfolio. NPCI said he led the development and commercialisation of several market innovation platforms that now form part of NTSL's focus areas.
His appointment places an existing NPCI technology leader at the head of the new subsidiary. The company's work will therefore draw on capabilities and platforms developed within the NPCI group, based on the organisation's announcement.
NPCI Managing Director and CEO Dilip Asbe said technology had been central to NPCI's journey and its contribution to India's digital transformation. He said advances in AI and other emerging technologies were creating new possibilities across digital infrastructure and financial services.
Asbe added that NTSL had been established to focus on those opportunities and strengthen the NPCI Group's technology capabilities.
Why the move matters
NPCI operates several widely used payment and financial infrastructure systems, including UPI, RuPay, the Immediate Payment Service (IMPS), the National Automated Clearing House (NACH), FASTag-based National Electronic Toll Collection (NETC), the Aadhaar Enabled Payment System (AePS) and e-RUPI.
NTSL is intended to extend the group's technology role into AI, blockchain and other digital infrastructure services. For organisations using the platforms covered by the announcement, the subsidiary may become the designated technology services arm for these programmes.
However, NPCI's announcement does not provide financial targets, project timelines, customer details or specific AI and blockchain products for NTSL. The next details on the subsidiary's operations will depend on further announcements from NPCI or the new company.
Conclusion
NPCI has created NTSL as a wholly owned technology and innovation subsidiary, with Vishal Kanvaty as MD and CEO. The company will focus on AI, blockchain, digital financial infrastructure, GCC services and technology support for selected digital public infrastructure programmes.
Frequently Asked Questions
Q. What is NPCI Tech Solutions Limited?
NPCI Tech Solutions Limited is a wholly owned NPCI subsidiary serving as the group's technology and innovation arm.
Q. Who is the CEO of NTSL?
Vishal Kanvaty has been appointed NTSL's managing director and chief executive officer.
Q. What areas will NTSL focus on?
Its focus areas are AI, blockchain, digital financial infrastructure and GCC services.
Q. Which programmes will receive technology services from NTSL?
NTSL will provide technology services for eKYC Setu, the Unified Ticketing Platform and other DPI programmes.
Q. How many wholly owned subsidiaries does NPCI have?
NTSL is NPCI's fourth wholly owned subsidiary. The others are NIPL, NBBL and NBSL.
Q. When did Kanvaty join NPCI?
Kanvaty joined NPCI in 2017 and became its chief technology officer in April 2023.
