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Payments Council of India re-elects Vishwas Patel as chairman
Published by The Economic Times | 25th March, 2022
Infibeam Avenues' executive director Vishwas Patel has been re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet And Mobile Association of India (IAMAI), the association said in a statement on Thursday.

At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk. The council also elected chairs and co-chairs of its seven committees. Patel has made a significant contribution towards shaping and giving direction to the digital payments industry for more than twenty years, said IAMAI in a statement. Infibeam Avenues Limited has been profitable since its inception and was India's first Fintech listed on Indian stock exchanges.

"Our council will initiate progressive measures for the sector by interacting frequently with the RBI and various stakeholders on various issues such as the key challenges faced by payment aggregators, card-on-file tokenization, KYC procedures, fraud prevention and customer awareness among others," said Patel.

NPCI's Rai, a new co-chair, has over two decades of extensive experience in the payments and banking domain. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Srinivasu founded BillDesk twenty years ago along with Ajay Kaushal and Karthik Ganapathy, his colleagues at Arthur Andersen. He led the company to become one of the few profitable fintech companies in India.

The new Executive Council will work closely with the regulators, government ministries and all other stakeholders for the benefit of the industry in alignment with grand national objectives of financial inclusion and a less-cash economy.