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India's Payment Chief Joins Global Swift Board
6 Jul
Summary
- Dilip Asbe joins Swift's global supervisory board.
- This appointment recognizes India's growing payment ecosystem influence.
- India gains a voice in shaping global payment standards.
Dilip Asbe, the managing director and CEO of the National Payments Corporation of India (NPCI), has been appointed to the global supervisory board of Swift. This appointment, subject to regulatory approval expected in October, is a significant recognition of India's advanced payment systems.
The induction grants India a direct seat at the table to influence global payment policies and standards, acknowledging the international stature of its digital payments ecosystem, prominently featuring the Unified Payments Interface (UPI). UPI currently processes over 20 billion transactions monthly.
Asbe's tenure at NPCI, since January 2018, has been instrumental in developing key payment platforms like IMPS, AePS, RuPay, FASTag, and UPI. Under his leadership, NPCI has also established subsidiaries focused on globalizing UPI and RuPay, bill payments, and developing next-generation payment solutions.
This move signifies India's evolution from a fast follower to an influential rule-setter in global payments. Asbe's presence on the Swift board indicates India's capacity to shape the standards and architecture of future cross-border financial infrastructure.
