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NPCI Partners With IISc for AI and Blockchain Research

NPCI partners with IISc for joint research on blockchain and AI, aiming to enhance India's payment landscape. The collaboration will establish a Centre of Excellence for Deep Tech Research & Development. #NPCI #IISc #Blockchain #AI

The National Payments Corporation of India (NPCI) has signed a multi-year Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Bengaluru, to conduct joint research on blockchain and artificial intelligence (AI) technology.

The collaboration aims to focus on scalable blockchain platforms and multi-modal analytics over fintech data. Faculty members from five departments at IISc will work with NPCI researchers on practical challenges in these areas. Additionally, the partnership will establish the "NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research & Development" to drive further innovation.

NPCI, responsible for operating retail payments and settlement systems in India, including UPI, IMPS, RuPay card network, and Bharat BillPay, joins forces with IISc, a renowned institute for advanced scientific and technological research and education.

This initiative aligns with the government's increased focus on tech innovation, as seen in the announcement of CoEs for AI, semiconductor manufacturing, spacetech, and other sectors in Union Budget 2023-24.

Vishal Kanvaty, Chief Technology Officer of NPCI, expressed the organization's commitment to exploring new technologies for enhancing consumer experiences. He highlighted the potential of blockchain and AI research to further improve the payment landscape in India.

Yogesh Simmhan, Associate Professor at IISc's Department of Computational and Data Sciences, emphasized the opportunity for translational research between NPCI and IISc, particularly in distributed systems, cryptography, and machine learning. This collaboration aims to enhance the scalability and effectiveness of NPCI's billion-scale platforms.

The partnership will not only drive research and development but also facilitate professional development through workshops and training programs. Additionally, RBI Governor Shaktikanta Das announced the approval for NPCI Bharat BillPay Ltd (NBBL) to implement an interoperable payment system for net banking, likely to be launched this year.