NPCI hives off Bhim as separate arm; Lalitha Nataraj to be CEO

National Payments Corporation of India (NPCI) has hived off the UPI-based payment application Bharat Interface for Money (Bhim) as a separate subsidiary to address the growing demand for digital transactions in the country and to promote financial inclusion, the retail payment body said on Tuesday.

Lalitha Nataraj, a former senior executive at IDFC First Bank, has been appointed as the chief executive officer of the new subsidiary named NPCI Bhim Services Ltd (NBSL). Rahul Handa will be the chief business officer, NPCI said in a statement.