Narayana Murthy quits as chairman of NPC

N R Narayana Murthy has stepped down as chairman of the National Payments Corporation of India (NPCI) after taking charge as executive chairman of Infosys.NPCI has been promoted under the aegis of Reserve Bank of India by various banks as a not-for-profit organization. It is known for providing the IT backbone that connects ATMs of all banks. NPCI is also the promoter of Rupay — the Indian alternative to Visa and MasterCard.

The NPCI board is likely to deliberate on the appointment of a new chairman when it meets on September 23. The corporation is also looking at diversifying its shareholder base. At present, NPCI shares are held by 10 banks. The corporation plans to offer its shares to 25 large banks and expand its board size to 20 members from 15.