Hota is a veteran in the Indian banking and payments industry and has spent close to three decades in the Reserve Bank of India. He was the Former Managing Director & CEO of National Payments Corporation of India
FinTech BizNews Service
Mumbai, June 4, 2024: Cashfree Payments, India's leading payments and API banking company, announced the appointment of Former NPCI MD & CEO Mr. Abhaya Hota as an Independent Director of the Company.
Mr. Abhaya Hota is a veteran in the Indian banking and payments industry and has spent close to three decades in the Reserve Bank of India. He was the Former Managing Director & CEO of National Payments Corporation of India where he played a critical role in the design, development and implementation of payment systems and policies in India. He was also instrumental in the implementation of MICR technology in Cheque Clearing, launch of UPI, and RuPay credit cards which is India’s own card scheme.
Mr. Hota also serves as an Independent Director at Federal Bank, NSE Clearing, Protean e-Gov Technologies and RBI Innovation Hub.
Welcoming Mr. Hota to the board, Akash Sinha, Co-founder & CEO, Cashfree Payments said, “His wealth of experience at the highest levels of banking and finance in the country will be of great value to us, especially from a governance and strategic policies point of view. Mr. Hota will be a great asset to the Board and management at Cashfree Payments.”
Mr. Hota said, “I am happy to join the Cashfree Payments India Pvt Ltd’s Board as an Independent Director and look forward to supporting them as they grow and scale India’s digital payments ecosystem.”
As a veteran of banking, finance, and payments, Mr. Hota’s expertise and guidance will help Cashfree Payments in its pursuit of building innovative products and services that will aid in creating a more accessible and empowering payments ecosystem for both businesses and individuals.
Cashfree Payments is a leading RBI licensed payment aggregator and a payment service provider in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses for digital payment solutions. Since receiving the PA license in December 2023, the company has onboarded thousands of large, medium and small scale merchants helping them seamlessly transact and grow. The company has been at the forefront of redefining the way businesses approach digital payments, verification and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise, KYC Link, Risk Shield and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.
