Moneycontrol PRO
Open App

NPCI re-appoints Dilip Asbe as MD and CEO for five years

Asbe took over as CEO of NPCI from former Reserve Bank of India (RBI) executive Abhaya Prasad Hota in 2018.

September 23, 2022 / 07:27 PM IST
Dilip Asbe, MD & CEO of National Payments Corporation of India (NPCI).

Dilip Asbe, MD & CEO of National Payments Corporation of India (NPCI).

The shareholders of the National Payments Corporation of India (NPCI) approved the re-appointment of Dilip Asbe as the Managing Director and Chief Executive Officer for a period of five years, the organisation said on September 23.

Founded in 2008, NPCI is an umbrella organisation which operates the country's retail payment and settlement systems through a number of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

"The shareholders of NPCI at its Annual General Meeting held on September 22, 2022, have approved the re-appointment of Mr. Dilip Asbe as the Managing Director & Chief Executive Officer of NPCI for a period of five years, with effect from January 8, 2023," NPCI said in a statement.

Asbe joined NPCI in January 2010 as Chief Technology Officer (CTO) and later served as Chief Operating Officer from 2013 to 2018. He took over as CEO from former Reserve Bank of India (RBI) executive Abhaya Prasad Hota in 2018.

NPCI's instant real-time payment system UPI has emerged as the fastest growing retail payment method in India, now amounting to over 60 percent of retail payment transactions in the country.

Close

Over the past two years, UPI has seen a significant rise in transactions aided by the pandemic and the subsequent widespread adoption of digital payments in India. The payments mode has broken multiple records in the past two years and is now inching closer to Rs 11 lakh crore in monthly transaction values.

In FY22, UPI breached the $1-trillion mark in transaction values, a major milestone for the payments system.

NPCI has also formally launched UPI 123Pay for transactions on feature phones and UPI Lite for payments of up to Rs 200 in offline mode.

Asbe has set a target for UPI to clock 1 billion transactions per day and these new initiatives are likely to fast-track growth in that direction.

RuPay cards, the only homegrown card network in India too has seen a steep rise in adoption, supported further by the government's push to banks to offer RuPay credit and debit cards.

While RuPay enjoys a large market share in debit cards in the country, it is yet to catch up with the presence of American card networks Visa and Mastercard when it comes to credit cards. However, with the RBI allowing the usage of credit cards on UPI for the first time starting with RuPay credit cards only, adoption is likely to increase over time.
Moneycontrol News
first published: Sep 23, 2022 07:27 pm
Sections
ISO 27001 - BSI Assurance Mark