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.
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
INFOSYS TECHNOLOGIES PVT. LTD.
DIGISOL SYSTEMS LTD.
TP-LINK INDIA PVT LTD.
ZOHO CORPORATION PVT. LTD.
Technology Icons Of India 2023: Shailendra Katyal
Shailendra is instrumental in Lenovo achieving the no.1 position in PC...
Technology Icons Of India 2023: B.V.R. Subrahmanyam
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He is a 1987-batch IAS ...
Technology Icons Of India 2023: Alok Ohrie
Alok plays a critical role in the Government of India’s Atal Innovat...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
M. TECH SOLUTIONS (I) PVT. LTD.
M.Tech is a leading cyber security and network performance solutions ...
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...