Protean acquires stake in NSDL Payments Bank, appoints new director

Protean eGov Technologies has approved the acquisition of a 4.95% equity stake in NSDL Payments Bank Limited (NPBL) through an equity investment of INR 30.2 crore. This strategic move aims to expand Protean's market reach and establish an anchor banking partnership, leveraging NPBL's digital-first platform and distribution network to enhance citizen-centric services and digital infrastructure. The transaction is expected to conclude within 60 days.

Concurrently, Protean announced the appointment of V Easwaran as an additional director in the category of executive director, effective December 17, 2025, for a three-year term, subject to shareholder approval. Easwaran brings over 30 years of extensive experience in the banking industry, including leadership roles at private sector banks and India Post Payments Bank.

NPBL, a wholly owned subsidiary of National Securities Depository Ltd, commenced operations in October 2018 and focuses on financial inclusion with over 3 million active customers as of September 2025. NPBL's gross income for FY 2025 was INR 721.6 crore, following INR 719.7 crore in FY 2024 and INR 541.2 crore in FY 2023.