The National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments systems in India, has expanded its shareholder base from 10 banks to 56 banks.

The new 46 shareholder banks include 13 public, 15 private, one foreign, 10 multi-state co-operative banks, as well as seven regional rural banks.

The initial ten promoters of NPCI are: State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.

 NPCI MD and CEO A P Hota said: “Being the payments system utility for all the banks, it was a natural progression and a requirement from the RBI. The expansion will make NPCI a truly community-owned institution.”

NPCI CFO Sanjay Saxena added: “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.”

NPCI currently offers a range of services including switching of inter-bank ATM transactions, cheque clearing, immediate payments service money transfer, automated clearing house, electronic benefit transfer and domestic card payment network Rupay.

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By GlobalData