NPCI incorporates NPCI BHIM Services as a wholly owned subsidiary

By Gloria Mathias

National Payments Corporation of India (NPCI) has announced the incorporation of NPCI BHIM Services (NBSL) (formerly 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 in the country.

Additionally, it aims to promote financial inclusion. NBSL will be led by Lalitha Nataraj as the Chief Executive Officer (CEO) and Rahul Handa as the Chief Business Officer (CBO). 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.

Similarly, with two decades of experience, Handa brings along a wealth of knowledge, having held significant roles at prominent financial institutions and consultancy firms. Their combined expertise will be instrumental in driving NBSL’s growth and strategic initiatives.

This development aims to strengthen India’s digital payment ecosystem and reflects a sense of national pride and significance in developing a sovereign digital payments framework. The incorporation of NBSL underscores NPCI’s commitment to facilitate digital payments and financial inclusivity across the country and beyond.

A month ago, QNB partnered with NPCI International Payments Limited (NIPL) to enable QR code-based Unified Payments Interface (UPI) payments across Qatar. This initiative allows UPI payment acceptance in Qatar through the QNB merchant network, greatly benefiting Indian travellers visiting and transiting through the country. As a result, UPI has been consistently making rounds within India and globally.

As a result, by adopting UPI payments, merchants in the country will also be able to offer a faster and more convenient payment and checkout process, thereby enhancing customer satisfaction and opening numerous opportunities for businesses in India.