A.P. Hota, Managing Director & CEO of National Payments Corporation of India since February 2009 was a career central banker for 27 years. A significant part of his career has been in the area of design and implementation of Payment systems in India.
During last three decades, he has played a key role in implementation of MICR technology in Cheque Clearing, Electronic Funds Transfer, Automated Clearing House and Cheque Truncation System in India. His research document titled “RTGS System in USA - Lessons for India” as a part of IIB Diamond Jubilee Overseas Fellowship in 1997, was the starting point of RTGS design and implementation in India. Mr. Hota had 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, NEFT was introduced and there was rapid expansion in the access and usage of electronic payment systems. He also played a key role in widening the use of electronic payments in India.
In August 2010 he joined as the MD & CEO of National Payments Corporation of India (NPCI) which has been set up by banks in India under the aegis of Indian Banks’ Association and support and guidance of Reserve Bank of India to provide central infrastructure for various retail payment systems in the country, including card payments. Within a year of his joining, the next generation remittance service - Interbank Mobile Payment Service was launched where 24*7 real-time money transfer was enabled. Under his leadership, NPCI has launched India’s own card scheme ‘RuPay’ in record three years’ time which is accepted on all three channels, viz. ATM, PoS and eCommerce with an issuance figure of 3 Million cards. NPCI is already processing an average volume in number of 7.5 Million ATM transactions a day. NPCI also plays the role of central infrastructure for UID and mobile based financial inclusion transactions. He was conferred the ‘Aadhaar Excellence Award’ for his contribution to Aadhaar Enabled Payment System by the Hon’ble Prime Minister Dr. Manmohan Singh on the 2nd Anniversary of UIDAI.
Concurrently, he is also a member in various Committees of the Government of India and Reserve Bank of India (RBI) and has contributed to policy and decision-making processes in Payment systems in particular.