The move marks an expansion of NPCI’s technology initiatives beyond its core payments mandate, as the organisation looks to develop capabilities across emerging digital infrastructure and financial services.
According to NPCI, NTSL will function as the technology and innovation arm of the group, focusing on artificial intelligence, blockchain, digital financial infrastructure and Global Capability Centre (GCC) services.
The subsidiary will also provide technology services for digital public infrastructure initiatives, including eKYC Setu and the Unified Ticketing Platform (UTP).
These initiatives are part of NPCI’s broader efforts to expand its technology capabilities and support digital infrastructure development.
The company will focus on developing expertise in emerging technologies while supporting the development and commercialisation of technology-driven platforms.
Kanvaty, who has been associated with NPCI for nearly a decade, has played a key role in developing and commercialising several market innovation platforms.
According to NPCI, several of these platforms now fall within NTSL’s focus areas.
In his new role, Kanvaty will lead the subsidiary as it develops capabilities across artificial intelligence, blockchain and other emerging technologies.
Commenting on the announcement, Dilip Asbe, Managing Director and CEO of NPCI, said, “Technology has been at the core of NPCI’s journey and its contribution to India’s digital transformation.”
He added, “As we look ahead, advancements in Artificial Intelligence and other emerging technologies are creating new possibilities across digital infrastructure and financial services.”
Asbe said NTSL had been established to pursue these opportunities and further strengthen the NPCI Group’s technology capabilities.
NPCI, established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), operates India’s retail payment and settlement infrastructure.
Its major platforms include the Unified Payments Interface (UPI), RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Aadhaar Enabled Payment System (AePS) and National Electronic Toll Collection (NETC).
With NTSL’s formation, 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).
NPCI said NTSL was established following approvals from its board and the RBI, supporting the group’s expanding technology initiatives.
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