As of April 2024, who is the CEO and MD of National Payments Corporation of India (NPCI)?

Key Points

• Dilip Asbe has been serving as the CEO and MD of National Payments Corporation of India (NPCI) since August 2018.
• Under his leadership, NPCI has significantly expanded the digital payment ecosystem in India.
• He has played a pivotal role in the development of products such as UPI (Unified Payments Interface) and BHIM (Bharat Interface for Money).
• His efforts have been instrumental in driving the growth of digital transactions in India, making NPCI a key player in the country's financial infrastructure.

Additional Information

• National Payments Corporation of India (NPCI)
  • NPCI was founded in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
  • It is a not-for-profit organization registered under the Companies Act 2013.
  • NPCI has been pivotal in the development of numerous payment systems in India, including UPI, IMPS (Immediate Payment Service), RuPay, and Bharat Bill Payment System (BBPS).
  • The organization aims to provide infrastructure to the entire banking system in India for physical as well as electronic payment and settlement systems.
• Unified Payments Interface (UPI)
  • UPI is a real-time payment system developed by NPCI that allows instant transfer of money between bank accounts using a mobile platform.
  • It was launched in April 2016 and has since become one of the most popular digital payment methods in India.
  • UPI allows multiple bank accounts to be linked to a single mobile application, facilitating seamless transactions.
  • It supports both peer-to-peer and merchant payments, and has a unique feature of 'Virtual Payment Address' (VPA) which eliminates the need to share bank details.
• Bharat Interface for Money (BHIM)
  • BHIM is a mobile payment app based on the UPI, launched by NPCI in December 2016.
  • The app is named after Dr. Bhimrao Ambedkar and aims to facilitate e-payments directly through banks and drive towards cashless transactions.
  • BHIM supports all Indian banks which use UPI, and it is available in multiple languages to cater to a diverse user base.
  • It allows users to send or receive money using their mobile number or UPI ID, and also provides features like QR code scanning for merchant payments.