AU Small Finance Bank rose 1.57% to Rs 875.75 after the bank made an equity investment in National Payments Corporation of India (NPCI).
AU Small Finance Bank announced yesterday, 26 November 2020, that it has made a strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank constituting 0.44% shareholding of NPCI. The announcement was made after trading hours yesterday, 26 November 2020.NPCI is an umbrella organization for operating retail payments and settlement systems in India and has been incorporated as a 'Not for Profit' company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013) as an initiative of Reserve Bank of India (RBI) and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
AU Small Finance Bank's standalone net profit soared 87.2% to Rs 321.88 crore on 26.5% rise in total income to Rs 1,498.15 crore in Q2 September 2020 over Q2 September 2019.
AU Small Finance Bank operates as a commercial bank. The bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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