Protean eGov Technologies Ltd approved a ₹30.2 crore investment to acquire a 4.95% stake in NSDL Payments Bank, marking a step toward expanding its digital financial network. It also appointed V. Easwaran as Executive Director. The cash transaction, set to complete within 60 days, aligns with Protean’s long-term inclusion vision.
Protean eGov Technologies Ltd has announced a strategic move to strengthen its role in India’s digital financial ecosystem. In a board meeting held on December 16, 2025, the company approved two key decisions — acquiring a minority stake in NSDL Payments Bank and appointing a new executive director to guide its digital strategy.
The Board approved an equity investment of ₹30.2 crore to acquire a 4.95% stake (93.74 lakh equity shares) in NSDL Payments Bank Limited (NSDL PB). This step marks Protean’s entry into digital financial infrastructure beyond its current services such as PAN, TIN, and NPS. The partnership is intended to leverage NSDL PB’s digital-first model with Protean’s deep experience in building secure, population-scale systems.
In the same meeting, the company appointed Mr. V. Easwaran (DIN: 08055728) as an Additional Executive Director, further strengthening its leadership bandwidth.
Major Takeaways
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Investment aligns with Protean’s long-term vision to enhance digital inclusion and financial connectivity.
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NSDL Payments Bank operates within the financial services and payments banking sector, closely aligned with Protean’s core expertise.
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The acquisition will be executed as a cash-based equity investment within 60 days of signing the agreement.
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The transaction is conducted at arm’s length, with no related-party involvement.
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Appointment of Mr. Easwaran underscores the company’s focus on future-ready leadership and operational growth.
This move deepens Protean eGov’s role in shaping India’s digital finance space, fostering collaboration across technology-driven banking platforms.
Sources: NSE Corporate Filings, BSE Announcements, Company Disclosure