NPCI adds 131 new partners including foreign banks
By MYBRANDBOOK
The National Payments Corporation of India or NPCI has been a forerunner in the innovation of retail payments. The core promoter group of NPCI consisted of 10 core banks including State Bank of India, Punjab National Bank, ICICI, HDFC and HSBC until 2016, the number of shareholders increased to 56 banks for wider representation form the banking ecosystem.
As per news source, for a wider representation from the overall payments sector, NPCI is now onboarding 131 new partners, as per regulatory filings by the umbrella organisation for operating retail payments and settlement systems in India. Dilip Asbe, MD and CEO of NPCI also got an extension of two more years. His term was supposed to expire on 7th Jan 2021 and after the extension he would continue to lead NPCI until January 7th, 2023.
The new partners of NPCI consisted of one public sector bank (India Overseas Bank), five private banks, 40 foreign banks, 10 small finance banks, six payments banks and 80 payments service providers or PSOs.
The private banks joining NPCI as partners include Dhanlaxmi Bank, IDFC, Bandhan Bank, Nainital Bank and IDBI. This is the first time the payments corporation will onboard a clutch of foreign banks which includes well-known names such as Bank of America, Standard Chartered Bank, Industrial & Commercial Bank of China, Barclays and JP Morgan Chase among others.
According to regulatory filings by NPCI with MCA, the board passed a resolution to approve allotment of 6,50,000 equity shares at an issue price of Rs 1,250 per share to raise Rs 81.65 crore from 131 new partners.
During the fiscal ended in March 2020, NPCI generated a total income of Rs 1,221.2 crore, registering a nearly 25% increase as compared to income of Rs 980.2 crore it earned in FY19. During the same period profit after taxes have also increased by 26.4% to Rs 387.6 crore in FY20 from Rs 306.6 crore in FY19 on account on increased payments executed on the various retail payment systems for member banks through its services like NFS, CTS, IMPS, RuPay Card, NACH, AePS, UPI, NeTC, BBPS et al.
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