National Payments Corporation of India (NPCI) has announced the completion of private placement of 4.63% of its equity shares worth ₹81.64 crores.
This broad basing exercise was done to further diversify and distribute the NPCI shareholding to a larger set of the RBI 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. With this shareholding expansion, NPCI gets on-board some of the leading banks, new categories of banks and the RBI authorised non-bank entities. The total shareholder entities for NPCI now stands at 67.
NPCI, a not-for-profit organisation, is an initiative of the RBI and Indian Banks’ Association (IBA). The company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of digital payment systems.
“We are extremely pleased with the outcome of this exercise and the confidence expressed in NPCI’s continued growth and larger purpose. With this we have also broad based our shareholding to include new categories like Payment Banks, Small Finance Banks and Payment System Operators in addition to existing Public Sector, Private Sector, Foreign, Co Operative & Regional Rural Banks” said Rupesh H Acharya, Chief of Finance, NPCI.