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NPCI seeks to hike its capital base

National Payments Corporation of India is expected to receive funds from private banks, including foreign banks operating in India following its decision to increase its paid-up capital an the number of stakeholding banks. It is aiming to raise around Rs 60 crore from at least 15 banks by November end. A.P. Hota,, MD and CEO of the bank, said NPCI had sounded 64 banks for stake holding. NPCI has an authorized capital of Rs 300 crore and paid-up capital of Rs 100 crore. Its promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. Hota said Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Standard Chartered Bank and Deutsche Bank, Indian Bank, Syndicate Bank, Corporation Bank and Dena Bank have responded to its request for holding stake. There is already an investment commitment of Rs 30 crore from these banks and NPCI expects to raise another Rs 20-30 crore before the last week of November, said Hota. The funds will be used to build a new payments switch of 100 million capacity, for research & development, building a new campus and for building new products.

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