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ItzCash commits Rs 100cr investment for payment bank foray

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ItzcashItzCash, India’s leading payment solutions Company has announced the capital infusion of Rs 100 corer by its promoter Ashok Goel as it seeks a payment bank licence.

ItzCash Card, being an integrated payments solutions company, has more than 50,000 outlets and empowers more than two lakh entrepreneurs through its solutions.

The company had applied for a license with the RBI on February 2, 2015.

Ashok Goel, Founder and Non-Executive Chairman, ItzCash said, “Being the first PPI in the country, for the past eight years, ItzCash has been a key player to drive our country towards a less-cash economy. A payments bank licence will help the company to significantly boost its contribution towards taking the narrative of financial inclusion to millions of Indians across the unbanked and under-banked segments of India.”

Being the Vice Chairman and Managing Director of Essel Propack, a global tube-packaging company, Goel also clarified that the current infusion is solely in his personal capacity and resembles no bearing with the listed entity in any way.

Naveen Surya, Managing Director, ItzCash, “Being the largest PPI in the country, we have created over 88 million accounts and currently have direct access across platforms to 25 million unique customers. In the past years, we have also expanded our focus to cater to similar customers through mobility platforms. Today we have 10 million plus customers being empowered by our payment solutions through mobility route. With the multiple payment solution offering we are committed to take this journey forward through payments bank”.

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