Protean eGov Technologies Limited has made a strategic investment of ₹30.20 crores to acquire a 4.95% equity stake in NSDL Payments Bank Limited, marking a significant milestone in the company's growth trajectory. The acquisition, funded entirely through internal accruals, represents a strategic alignment between two institutions focused on digital public infrastructure and financial inclusion.

Strategic Partnership Overview

NSDL Payments Bank, a wholly-owned subsidiary of National Securities Depository Limited, operates as a digital-first banking institution serving over 3 million active customers as of September 2025. The bank focuses on delivering simple, secure, and accessible banking services to underserved and unbanked populations across India.

Technology and Service Synergies

The partnership leverages Protean's three decades of experience in Digital India evolution and population-scale e-governance platforms. Managing Director and CEO Suresh Sethi highlighted that the collaboration will enable co-creation, piloting, and certification of future-ready digital banking technologies on a secure and compliant platform.

Key synergy areas include:

• Identity ecosystem services across KYC, authentication, and consent management
• Regulatory technology solutions for banking compliance
• API banking stack development and certification
• Digital workflow solutions including eSign and eStamping services

Distribution Network Expansion

The strategic investment will significantly expand both companies' distribution capabilities across India. Protean operates approximately 400,000 active service points monthly through its national PAN services network, while NSDL Payments Bank maintains nearly 1 million service points for last-mile banking services.

The combined network will enable cross-distribution of services, with Protean's MSME credit and pension products reaching banking customers, while banking products extend through Protean's established distribution channels.

Digital Banking Innovation Focus

NSDL Payments Bank's current offerings include paperless account opening, zero-balance digital savings accounts, and instant payment solutions leveraging UPI, IMPS, and Aadhaar-enabled payment systems. The partnership will enhance these capabilities through advanced technology integration, including AI-powered solutions for fraud detection, decision support systems, and multilingual interfaces for rural communities.

Sethi emphasized that the collaboration will focus on building comprehensive technology stacks that can be scaled across multiple financial institutions, creating certified banking solutions through regulatory sandbox environments.

Investment Rationale and Future Outlook

The strategic investment approach, rather than a purely transactional partnership, allows Protean to participate in the value creation of NSDL Payments Bank while maintaining the ability to scale developed solutions across other financial institutions. The company confirmed no immediate plans for additional stake increases, focusing instead on maximizing synergies from the current partnership structure.

The investment aligns with India's financial ecosystem evolution toward digital-first models, with payment banks serving as high-throughput technology platforms within the Reserve Bank of India's regulatory framework. This partnership positions both entities to address last-mile financial inclusion challenges through innovative digital solutions and expanded distribution networks.

Protean eGov Technologies Limited has announced a senior management re-designation, effective December 24, 2025. The company informed stock exchanges about changes in the role of a key executive as part of organizational restructuring.

Management Re-designation Details

The company has re-designated Mr. Rakesh Dosi from his current position as Executive Vice President (Chief Business Officer) to Chief Business Product Officer (CBPO). The change reflects his expanded role and additional responsibilities within the organization.

Executive Profile and Experience

Mr. Rakesh Dosi brings extensive experience to his expanded role within the organization. His professional background spans over 25 years across diverse sectors including banking, insurance, and technology. He is recognized as a seasoned sales and business development professional with a proven track record in driving revenue growth and building strong client relationships.

His core competencies include:

• Devising and executing Go-To-Market (GTM) strategies
• Technology consulting sales and account management
• Strong P&L and business growth experience
• Identifying and cultivating valuable client relationships
• Personalized approach to key account management

Educational and Professional Background

Mr. Dosi holds a Bachelor of Engineering degree and a Post Graduate Diploma in Information Technology/Management. Most recently, he was associated with Sify Technologies for two years as Senior Vice President Business Head (India) for Network Centric Services portfolio, where he led large enterprise, channel business, and SME businesses.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 read with Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed disclosures as required under SEBI Listing Regulations and SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The re-designation reflects the company's strategic focus on enhancing its business and product capabilities under experienced leadership. Mr. Dosi's expanded role as Chief Business Product Officer is expected to leverage his extensive industry experience and proven track record in business development and client relationship management.