Protean eGov Technologies Limited, in a regulatory filing on Tuesday, December 16, 2025, informed exchanges that its Board has approved the acquisition of a 4.95% equity stake in NSDL Payments Bank Limited (NSDL PB) through a cash investment of Rs 30.2 crore .
The decision was taken at the company’s Board meeting held earlier in the day, which commenced at 3:30 PM and concluded at 4:30 PM. Alongside the investment approval, the Board also cleared the appointment of Mr. V Easwaran as an Additional Director (Executive Director) with effect from December 17, 2025 .
Details of the acquisition
As per the disclosure, Protean will acquire 93,74,014 equity shares, representing 4.95% of the paid-up equity capital of NSDL Payments Bank, via an equity subscription route. The transaction will be completed in a single tranche and is expected to close within 60 days from the execution of the agreement .
The company clarified that:
- The acquisition does not qualify as a related-party transaction
- It has been undertaken at arm’s length
- No regulatory or governmental approvals are required for completion
Strategic rationale
Explaining the rationale, Protean said India’s financial ecosystem is at a critical inflection point, where digital-first and scalable banking platforms will play a key role in driving inclusion. The company highlighted that the investment aligns with its long-term vision of building trusted, population-scale digital infrastructure.
Protean believes that combining its expertise in regulated digital systems with NSDL Payments Bank’s digital-first banking platform will help develop future-ready banking technologies that can be tested at scale and extended across the broader financial ecosystem .
About NSDL Payments Bank
NSDL Payments Bank Limited is a wholly owned subsidiary of National Securities Depository Limited (NSDL) and commenced operations in October 2018. The bank operates on a B2B2C model, with a focus on financial inclusion, particularly for disadvantaged and low-income populations in remote areas.
Its offerings include:
- Savings accounts and domestic money transfers
- Micro-ATMs and Aadhaar Enabled Payment System (AePS)
- Prepaid cards and UPI-based merchant services
- Distribution of third-party products such as insurance and mutual funds
In terms of financials, NSDL Payments Bank reported:
- FY25 gross income: Rs 721.6 crore
- FY24 gross income: Rs 719.7 crore
- FY23 gross income: Rs 541.2 crore
Appointment of Executive Director
The Board also approved the appointment of Mr. V Easwaran as an Additional Director in the category of Executive Director for a three-year term, subject to shareholder approval. Mr. Easwaran brings over 30 years of experience in the banking industry, with prior roles at India Post Payments Bank, Kotak Mahindra Bank, HDFC Bank, and Standard Chartered Bank .
The company stated that these developments have been duly disclosed to both BSE and NSE in compliance with SEBI Listing Regulations.
