National Payments Corporation of India (NPCI) on August 13 announced the incorporation of NPCI BHIM Services Ltd (NBSL) (earlier known as Bharat Interface for Money (BHIM)) as a wholly-owned subsidiary.
This development aims to meet the growing demand for digital transactions and evolving market expectations while keeping pace with innovation and rapidly shifting customer preferences, NPCI said in a statement. It also aims to promote financial inclusion, it said.
This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, NPCI stated.
NBSL will be led by Lalitha Nataraj as the Chief Executive Officer (CEO) and Rahul
Handa as the Chief Business Officer (CBO). Their combined expertise will be
instrumental in driving NBSL’s growth and strategic initiative, NPCI said.
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Nataraj has over two decades of experience in banking across leading private sector banks, with expertise in data analytics, marketing technology, lending, mobile & internet banking, and payments. Handa also has two decades of experience having held significant roles at
prominent financial institutions and consultancy firms.
The incorporation of NBSL underscores NPCI's commitment to facilitate digital payments and financial inclusivity across the country and beyond, it added.
The BHIM app, which was launched by Prime Minister Narendra Modi in 2016, is also reportedly undergoing a revamp. Although the new subsidiary will continue to operate under the NPCI brand, there may be some changes in its operational structure.
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