India, Aug. 13 -- Retail payments aggregator National Payments Corporation of India (NPCI) has announced incorporation of NPCI BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly owned subsidiary.

As per ET, this development is aimed at addressing the growing demand for digital transactions and evolving market expectations.

NPCI said that the move is intended to keep pace with innovation and rapidly shifting customer preferences.

Additionally, the move seeks to strengthen India's digital payment ecosystem and underscores the importance of developing a sovereign digital payments framework, reflecting national pride and significance, NPCI added.

The establishment of NBSL highlights NPCI's dedicatio...