NPCI sets up technology subsidiary to expand AI, blockchain and GCC services

NPCI Tech Solutions will support digital financial infrastructure and DPI initiatives, with Vishal Kanvaty appointed as its MD and CEO.

The National Payments Corporation of India (NPCI) has established a wholly owned subsidiary, NPCI Tech Solutions Limited (NTSL), to expand the group's technology capabilities across artificial intelligence (AI), blockchain, digital financial infrastructure and Global Capability Centre (GCC) services.

NPCI has appointed Vishal Kanvaty as Managing Director and Chief Executive Officer of the new subsidiary.

NTSL will serve as the technology and innovation arm of the NPCI Group, with a mandate to develop capabilities in emerging technology areas and support the expansion of its technology initiatives.

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

The formation of NTSL gives NPCI a dedicated entity to pursue technology opportunities beyond its core payments mandate. Its focus areas include AI and blockchain, alongside services for digital financial infrastructure and GCCs.

For technology companies and system integrators, the subsidiary's mandate brings several areas into focus, particularly AI, blockchain and digital infrastructure.

However, NPCI has not disclosed plans to appoint external technology partners, procurement arrangements or specific vendor engagement opportunities.

Kanvaty to lead technology and innovation arm

Kanvaty has been associated with NPCI for nearly a decade. During this period, he has led the development and commercialisation of several market innovation platforms that now form part of NTSL's focus areas, according to NPCI.

Dilip Asbe, managing director and CEO of NPCI, said technology has been central to the corporation's contribution to India's digital transformation. He added that advances in AI and other emerging technologies are creating new possibilities across digital infrastructure and financial services.

“NTSL has been established to focus on these opportunities and further strengthen the NPCI Group’s technology capabilities,” Asbe said.

He expressed confidence that Kanvaty's experience and leadership would guide the subsidiary's growth and future direction.

NTSL is NPCI's fourth wholly owned subsidiary. The other three are NPCI International Payments Limited (NIPL), NPCI Bharat BillPay Limited (NBBL) and NPCI BHIM Services Limited (NBSL).

The NPCI Board and the Reserve Bank of India (RBI) approved the formation of NTSL.

NPCI has not disclosed the subsidiary's investment plans, revenue targets, hiring requirements or implementation timelines for its technology initiatives.

It has also not specified the scope of its GCC services or the use cases it plans to pursue across AI and blockchain.