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Below the Comment on Inclusion of NSDL payments bank in 2nd schedule of RBI Act by Mr. Ajay Garg, Director and CEO, SMC Global Securities Ltd

"We extend our sincere appreciation to the Reserve Bank of India for this strategic move to include NSDL Payments Bank in the Second Schedule of the RBI Act, 1934. This decision is a powerful vote of confidence from the central bank in the payments bank segment and specifically in NSDL Payments Bank's operational robustness and regulatory compliance.

For the broader financial ecosystem, especially the capital markets, this is a highly positive development. NSDL Payments Bank now gaining access to RBI's liquidity mechanisms and being able to participate directly in government-related transactions will significantly strengthen its operational resilience and capabilities.

What is particularly noteworthy and beneficial is NSDL Payments Bank's intrinsic connection with NSDL, one of the largest depositories in India, which serves a vast base of over 4 crore demat accounts. This 'Scheduled Bank' status will undoubtedly enhance the trust, efficiency, and interconnectedness within the financial system, allowing for more seamless and robust payment and banking services for this massive investor base. It creates a stronger and more reliable financial artery for millions engaged in capital market activities, aligning perfectly with the vision of 'Viksit Bharat' through enhanced digital financial infrastructure.”

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