The National Payments Corporation of India (NPCI) has created NPCI Tech Solutions Limited (NTSL), a subsidiary that will serve as the technological and innovation wing of the NPCI group. The corporation announced on Wednesday the appointment of Vishal Kanwat as Managing Director and Chief Executive Officer (MD & CEO) of this new entity.
NTSL will focus on developing capabilities that extend beyond NPCI's core mandate in payments. The company's main areas of activity include artificial intelligence (AI), blockchain, digital financial infrastructure, and Global Capability Center (GCC) services.
Furthermore, NPCI stated that NTSL will provide technological services for the eKYC Setu program, the Unified Ticket Platform (UTP), and other initiatives in the Digital Public Infrastructure (DPI).
The creation of this subsidiary was approved by the NPCI board of directors and the Reserve Bank of India (RBI). NTSL becomes the fourth wholly-owned subsidiary of NPCI. Previous subsidiaries include NPCI International Payments Limited (NIPL), which handles the international expansion of Unified Payments Interface (UPI) and RuPay; NPCI Bharat BillPay Limited (NBBL), which manages the bill payment network; and NPCI BHIM Services Limited (NBSL), which manages the BHIM application.
Vishal Kanwat has been with NPCI for almost ten years and currently serves as the Chief Technology Officer. He joined in 2017, focusing on product and innovation matters. Before becoming CTO in April 2023, he managed the market innovation portfolio. NPCI clarified that he led the development and commercialization of several market innovation platforms that now fall under NTSL's purview.
Dilip Asbe, Managing Director and CEO of NPCI, noted: 'Technology has always been at the core of NPCI's journey and its contribution to India's digital transformation. As we move forward, advancements in artificial intelligence and other new technologies open up new opportunities in digital infrastructure and financial services.'
Asbe added that NTSL was established to concentrate on these opportunities and further strengthen the technological capabilities of the NPCI Group.
NPCI was founded by the RBI and the Indian Banks' Association (IBA) and is registered as a non-profit company. It facilitates systems such as UPI, RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH), National Electronic Ticketing System based on FASTag (NETC), Aadhaar Enabled Payment System (AePS), and e-RUPI.



