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B Sambamurthy appointed as interim Chairman of NPCI

The National Payments Corporation of India (NPCI) has appointed B Sambamurthy as its interim Chairman of the Board. He replaces retiring Chairman, Balachandran M. Prior to this position, Sambamurthy was formerly Director and CEO of Institute for Development and Research in Banking Technology (IDRBT) and before that he served as Chairman and Managing Director of Corporation Bank. He has been the Nominee Director from Reserve Bank of India (RBI) on the board of NPCI since December 5, 2013. Sambamurthy is a Chartered Accountant by formal qualification, and has previously served as Secretary of Association of Indian Banks at London, U.K. He has also held position of vice chairman of Foreign Exchange Dealers Association of India, Chief Examiner of Indian Institute of Bankers; Member of RBI Committees like Export Advisory Committee, Standing Committee on Forex Clearing and Committee on reporting system, etc. Last month, the NPCI appointed   its chief operating officer (COO) Dilip Asbe as interim CEO of the payments organization. AP Hota who had served the organization as managing director and CEO retired on August 10. NPCI was set up in 2009 as the central infrastructure for various retail payment systems in India for the payment utility for all banks in the country. It provides services such as  Aadhaar Enabled Payment System (AePS), RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection, Bharat Bill Pay, amongst others.

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