NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary

The National Payments Corporation of India (NPCI) on Tuesday incorporated Bharat Interface for Money (BHIM) as a wholly-owned subsidiary, hiving it off into a new entity known as NPCI-BHIM Services Ltd (NBSL). Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer (CEO). Nataraj has previously worked with IDFC FIRST Bank and ICICI Bank. Rahul Handa will be NBSL’s chief business officer (CBO). At BHIM too, Handa worked in the capacity of a CBO. In his previous role, he was the executive vice president at the Open Network for Digital Commerce (ONDC). Business Standard reported on Monday that the BHIM application is undergoing a revamp. “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. Additionally, it aims to promote financial inclusion,” NPCI said in a statement. The incorporation of NBSL comes at a time when NPCI is addressing the challenge of a duopoly in India’s Unified Payments Interface (UPI) market.