N R NarayanaMurthy has stepped down as chairman of the National Payments Corporation of India (NPCI) after taking charge as executive chairman of Infosys, Times of India reported.

NPCI has been promoted under the aegis of Reserve Bank of India by various banks as a not-for-profit organization. It is known for providing the IT backbone that connects ATMs of all banks. NPCI is also the promoter of Rupay — the Indian alternative to Visa and MasterCard. A P Hota, MD, NPCI, confirmed that Murthy has submitted his resignation to the board following his taking charge at Infosys in keeping with good governance practices.

Read the full report here