Boost to UPI Sectors
(Source - News Chant)
The NPCI raised more than 82-crore rupees on Thursday through private investment. Now, services like Paytm, phone-pay, and others hold 4.63% of equity shares in 19 banks, non-banking firms, and the subsidiary companies of other payments aggregators.
The non-profit source that manages the UPI told the source that the broad-base exercise was concluded to diversify and distribute the shareholders of the NPCI to larger categories regulated under RBI. The NPCI has made an offer to 131 private RBI regulated entities in which 19 entities showed interest and thereby shares were allotted to them. Although traditional entities like SBI, UBI, PNB, Canara Bank, and so on remained big entities in the market, entities like Standard Chartered, Dhan-Laxmi Bank, and others have found a seat on the table now.
With the entries of non-banking entities and parent organizations like Paytm, Mobikwik, Amazon-pay, PhonePe, and Pine Labs, the short entities of banking reforms are given a chance for revival and will decide the future of UPI and digital payments bank in India.