CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The National Payments Corporation of India (NPCI) has announced the selection of Ajay Kumar Choudhary as its next non-executive chairman and independent director, beginning February 8, 2024. Mr Choudhary, a prominent central banker who has spent over three decades at the Reserve Bank of India (RBI), brings a wealth of knowledge and skill to this critical position.
A Seasoned Leader With Proven Acumen
Prior to joining the NPCI, Mr. Choudhary was an Executive Director at the RBI, where he oversaw critical areas including as banking regulation, supervision, and fintech. He has played a critical role in developing India's financial landscape, leading programs such as the Payment System Vision 2025 and the Unified Payments Interface (UPI).
Guiding NPCI Into The Future
Founded in 2008, NPCI operates and oversees retail payments and settlement systems in India, including well-known platforms such as RuPay cards, IMPS, and UPI. Mr. Choudhary's appointment is expected to greatly contribute to the NPCI's sustained expansion and innovation.
Industry Reactions And Expectations
Industry executives have reacted positively to the appointment. They applaud Mr. Choudhary's broad experience and feel his leadership will be critical in advancing the NPCI's aim of building a strong and inclusive digital payments ecosystem for India.
Key Areas Of Focus
Under Mr. Choudhary's leadership, the NPCI will focus on-
Improving financial inclusion by increasing access to digital payments for everybody, particularly underserved communities.
Driving innovation: Promoting the creation of new payment technology and solutions.
Strengthening security means ensuring the safety and security of digital transactions.
Promoting global partnerships: Working with international peers to promote cross-border payments.
NPCI Static Takeaways
- NPCI Headquarter Mumbai, Maharashtra, India.
- NPCI Foundation Year 2008
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