National Payments Corporation of India (NPCI) has reportedly onboarded 131 new partners for bolstering the retail payments ecosystem in the country.
The new partners include one public sector bank (PSU), five private banks, six payments banks, 10 small finance banks, 40 foreign banks, and 80 payments service providers (PSPs), media platform Entrackr reported.
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The PSU includes India Overseas Bank (IOB), while the private banks include Dhanlaxmi Bank, IDFC, Bandhan Bank, Nainital Bank and IDBI.
The six payments banks are Paytm, India Post, Fino, Airtel, Jio and NSDL.
Some of the 40 foreign banks include Bank of America, Standard Chartered Bank (SCB), Industrial & Commercial Bank of China (ICBC), Barclays, JP Morgan, and more.
Among the PSPs are MobiKwik, Ebix, Infibeam Avenues, Amazon Pay along with nine cross-border money transfer service providers Western Union, MoneyGram, and others.
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By GlobalDataAccording to its regulatory filings to the Ministry of Corporate Affairs (MCA), NPCI intends to raise INR816.5m ($11.02m) from these partners.
To achieve this goal, the MCA has approved the allotment of 650,000 equity shares at an issue price of INR1,250 per share, the report added.
Furthermore, NPCI MD and CEO Dilip Asbe also received an extension of two more years to spearhead the non-profit entity.
NPCI is the umbrella organisation for retail payments systems in India since 2008. Currently, its promoter group includes ten core banks and it has 56 banks as shareholders.
The core banks include the government-owned State Bank of India (SBI) and Punjab National Bank (PNB), and private lenders ICICI, HDFC and HSBC bank.
Last week, NPCI approved the Facebook-owned instant messaging app WhatsApp to launch its payment service in India.
Moreover, it has also imposed a 30% limit on the number of transactions third-party app providers (TRAPs) can process via the Unified Payments Interface (UPI).
This change is expected to take effect from 1 January 2021.
