Axis, RBL & other banks take stake in NPCI

city cooperative banks and RRBs also come on board

private sector lenders, together with Axis financial institution, Kotak Mahindra bank and RBL, have taken a small stake within the nationwide payments agency of India (NPCI) as a part of process to vast-base its shareholding.

NPCI, the umbrella employer for all retail funds device within the u . s . a ., has large-primarily based its shareholding base to fifty six banks, from 10 banks earlier. A P Hota, managing director and chief executive officer, NPCI, in a statement said : “Being the funds system utility for the entire banks within the country, it was once a natural development. It was once additionally a requirement from the Reserve bank of India. The enlargement will make NPCI a really neighborhood-owned establishment.”

The 46 new banks comprise 13 from the general public sector, 15 personal ones, a foreign bank, 10 multi-state cooperative banks and 7 regional rural banks (RRBs). among the multi-state cooperative banks are Saraswat financial institution and Cosmos bank.

the 10 promoter banks comprised six from the public sector (State bank of India, Punjab nationwide bank, Canara financial institution, bank of Baroda, bank of India and Union financial institution of India); two personal ones (ICICI financial institution and HDFC financial institution); and two foreign banks (Citibank and HSBC).

Abhijit Lele