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The National Payments Corporation of India (NPCI) on Thursday raised almost Rs 82 crore by means of non-public placement of 4.63 per cent of its fairness shares to 19 new banks, non-banking entities and the mum or dad firms of cost programs aggregators.
“This broad basing exercise was done to further diversify and distribute the NPCI shareholding to a larger set of the RBI (Reserve Bank of India) regulated entities and categories of payment industry participants. NPCI made an offer for the private placement to 131 RBI regulated entities, out of which 19 evinced interest and were allotted shares in NPCI,” the not-for-profit initiative, which runs and manages the Unified Payments Interface (UPI), mentioned.
Though conventional banks such because the State Bank of India, Union Bank of India, Punjab National Bank, Canara Bank, HDFC Bank and ICICI Bank stay the larger gamers for now, different older gamers resembling Standard Chartered Bank, Dhanlaxmi Bank, and IDFC First Bank have discovered seats on the expanded desk. New entrants to the banking system resembling Suryoday Small Finance Bank and Capital Small Finance Bank are additionally in the expanded listing of NPCI, which now has 67 shareholders.
The entry of non-banking and mum or dad firms of digital cost firms resembling Paytm Payments Bank, One Mobikwik Systems Private, Amazon Pay Indian Private, PhonePe Private and Pine Labs may give these gamers a shot at deciding the future form of UPI and digital funds in India.
This comes at a time when the NPCI and digital cost firms have disagreed with one another on a number of key coverage points, with the most recent being the cap on the entire quantity of funds that may be finished by anyone participant on the UPI platform.
Earlier this month, at the same time as Facebook-owned WhatsApp acquired the nod to roll out its UPI funds service to its 400-million sturdy person base, the NPCI issued a directive asking third celebration UPI suppliers to cap the entire variety of transactions on their platform to 30 per cent of the entire quantity of transactions. The transfer got here per week after the entire variety of transactions on the UPI platform had crossed 2 billion a month in October. In an announcement , NPCI mentioned the transfer was aimed to assist tackle the dangers to the UPI platform and shield the ecosystem.
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