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NPCI starts search for CEO A.P. Hota’s successor

LiveMint logoLiveMint 19-07-2017 Gopika Gopakumar

Mumbai: National Payments Corporation of India is looking for a successor to managing director and chief executive officer A.P. Hota, whose term comes to an end in August.

NPCI has invited applications from professionals with 20 years of experience in financial services thorough with payments ecosystems.

An advertisement released last week said the candidate should be tech-savvy with an in-depth understanding of the market and regulatory framework. The candidate should be at least a graduate from a reputed institute.

NPCI, founded by the Reserve Bank of India along with the Indian Banks Association, is the umbrella organization for all retail payments. It is responsible for all digital payment instruments like United payments Interface, BHIM, Aadhaar-enabled payments etc. Hota, a central banker with 27 years of experience, had joined in February 2009.

During his eight years, NPCI saw the launch of several payment instruments, including Rupay cards, the Indian version of network providers like Visa/Mastercard. NPCI also introduced the next generation remittance service called Immediate Payment Service which facilitated 24x7 real-time money transfer.

The launch of BHIM app was one of the initiatives aimed at promoting digital transactions that were taken after the 8 November demonetization exercise, which triggered a nationwide cash crunch. Bharat Bill Payment System was another initiative launched by NPCI to provide a single platform to make all bill payments.

Before his term at NPCI, Hota headed the Department of Payment and Settlement Systems in Reserve Bank from March 2005 to July 2008 during which the Payment and Settlement Systems Act was legislated and the National Electronic Funds Transfer was introduced, according to a profile on NPCI’s website.

Hota was instrumental in the implementation of Magnetic Ink Character Recognition technology used in cheque clearing, electronic funds transfer, automated clearing house and cheque truncation system in India, the website added.

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