BY Tricitynews Reporter
Chandigarh 13th September:- National Payments Corporation of India (NPCI), the umbrella organization for all retail payments system in the country has broad-based its shareholding base to 56 banks from 10 banks earlier.
The ten promoter banks were, Six Public Sector Banks: State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India and Union Bank of India and two Private Banks: ICICI Bank and HDFC Bank and Two Foreign Banks: Citibank and HSBC.
46 new banks comprising of 13 Public, 15 Private, 1 Foreign, 10 Multistate Co-Operative Banks and 7 Regional Rural Banks have now joined the shareholding.
A P Hota, Managing Director and CEO, NPCI said that being the payments system utility for all the banks in the country, it was a natural progression and was also a requirement from the Reserve Bank of India. The expansion will make NPCI a truly community-owned institution.”
Sanjay Saxena, Chief Financial Officer, NPCI said that we are the first not-for-profit company offering equity shares at a premium through private placement and thus creating a historical milestone. This is a strategic investment for the banks as investors will not be entitled for dividend on their investments.