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India's National Payments Corporation of India (NPCI) has established a wholly owned technology subsidiary to strengthen its focus on emerging technologies, including artificial intelligence (AI), blockchain and digital financial infrastructure.
The new entity, NPCI Tech Solutions Limited (NTSL), will serve as the organisation's technology and innovation arm, NPCI said on Wednesday. The subsidiary will also focus on global capability centre services and develop technological capabilities beyond the payments body's core mandate.
NPCI's Chief Technology Officer Vishal Kanvaty has been appointed Managing Director and Chief Executive Officer of NTSL. Kanvaty has been associated with NPCI for nearly a decade, the organisation said.
The subsidiary is expected to build capabilities in emerging technology areas while providing technology services for several of India's digital public infrastructure programs.
NPCI Chief Executive Officer Dilip Asbe highlighted the growing role of emerging technologies in transforming financial services and digital infrastructure.
"Advancements in AI and other emerging technologies are creating new possibilities across digital infrastructure and financial services," Asbe said.
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NPCI operates India's retail payments and settlement systems, including the widely used Unified Payments Interface (UPI). The creation of NTSL marks a move to expand its technology and innovation activities beyond its existing payments operations.
The development comes as India steps up efforts to advance AI research and development, particularly across the banking and financial services sector.
With financial institutions increasingly exploring AI and other emerging technologies, digital infrastructure is becoming an important area of focus for the country's financial ecosystem.
NTSL is NPCI's fourth wholly owned subsidiary. Its other subsidiaries include NPCI International Payments, NPCI Bharat BillPay and NPCI BHIM Services.
The new technology arm is expected to support NPCI's broader ambitions in digital innovation while strengthening the technological capabilities underpinning India's financial services infrastructure.