NSDL Payments Bank UPI volume reaches Rs 23,181.6 crore in Q2 FY27

NSDL Payments Bank reported Rs 23,181.6 crore of UPI-acquiring volume in Q2 FY27, 2.4 times the Rs 9,572.3 crore recorded in Q2 FY26. NPBL’s standalone total income rose 62.9% year on year to Rs 292.3 crore, while current account and savings account customers reached 54.3 lakh.

How fast did NPBL’s UPI-acquiring volume grow?

NPBL’s UPI-acquiring volume, which the presentation describes as a 24-hour instant mobile-transfer service, rose to Rs 23,181.6 crore in Q2 FY27 from Rs 9,572.3 crore in Q2 FY26. The presentation characterises this as a 2.4-times increase, and Q2 volume was also Rs 2,441.2 crore above the Rs 20,740.4 crore reported in Q1 FY27.

The business summary reports Rs 43,920 crore of UPI-acquiring transactions in H1 FY27, converted from Rs 439.2 billion. This half-year figure covers the first two quarters of FY27, while the operational snapshot provides quarterly amounts. The presentation does not disclose merchant categories, transaction counts or UPI-acquiring income, so the measure is transaction value rather than revenue.

What happened to NPBL’s income in Q2 FY27?

NPBL reported standalone total income of Rs 292.3 crore in Q2 FY27, up 62.9% from Rs 179.4 crore in Q2 FY26. Income increased in the same year-on-year period as UPI-acquiring volume rose 2.4 times, but the presentation does not identify the share of income generated by UPI acquiring or any other individual service.

Sequentially, NPBL’s income declined by Rs 21.8 crore from Rs 314.1 crore in Q1 FY27, even as UPI-acquiring volume increased. The presentation labels the income number as standalone under the Banking Regulation Act. It says consolidated figures will differ because of Indian Accounting Standards adjustments and eliminations of inter-company revenues on consolidation.

NPBL also reported H1 FY27 transaction values across other services. Micro-ATMs recorded Rs 4,430 crore, cash management services recorded Rs 13,350 crore of transfers, Aadhaar Enabled Payment System withdrawals reached Rs 25,370 crore, and prepaid-card transactions totalled Rs 5,510 crore. UPI cash withdrawal, introduced in H1 FY27 through business correspondents, recorded Rs 120 crore of withdrawals.

How much did NPBL’s customer base and balances increase?

NPBL had 54.3 lakh current account and savings account, or CASA, customers in Q2 FY27, compared with 33.5 lakh in Q2 FY26. The presentation describes this as a 1.6-times increase. The count also rose by 4.8 lakh from 49.5 lakh in Q1 FY27.

The business summary says NPBL added 11 lakh new accounts through digital account opening and had 54 lakh active customers in H1 FY27. It also lists 7,244 customer service points for withdrawal, deposit and transfer services across India. The presentation does not state whether active customers and CASA customers are measured on the same basis, so the 54 lakh and 54.3 lakh figures are separately labelled metrics.

Customer liability balance was Rs 378.1 crore in Q2 FY27, against Rs 271.5 crore a year earlier, a 1.4-times increase according to NPBL. The balance was marginally lower than Rs 379.3 crore in Q1 FY27, despite the 4.8 lakh sequential rise in CASA customers. The disclosed figures therefore show customer count increasing quarter on quarter while customer liability balance decreased by Rs 1.2 crore.

Which NPBL services support its payments network?

NPBL operates business-correspondent-enabled services and reported 50 business correspondents and about 10 lakh agents for Aadhaar Enabled Payment System services in H1 FY27. Its micro-ATM service provides banking through the business-correspondent network, while cash management services use NPBL’s own business-correspondent network for collections. These two lines recorded Rs 4,430 crore and Rs 13,350 crore, respectively, in H1 FY27.

NPBL also reported 1.3 crore Maharashtra State Road Transport Corporation registrations for its RuPay National Common Mobility Card smartcards. Cumulative card loads exceeded Rs 100 crore in October 2026. The presentation says the cards support concessioned bus travel in Maharashtra under a government mandate effective from September 1, 2026.

Prepaid cards, including corporate gift, student and meal cards, recorded Rs 5,510 crore of transactions in H1 FY27. By comparison, UPI cash withdrawal was a new H1 FY27 service and recorded Rs 120 crore of withdrawals. NPBL does not disclose income by service, preventing a direct comparison between these transaction lines and its Rs 292.3 crore Q2 FY27 total income.

What is NPBL’s ownership structure and reporting basis?

NPBL is directly and indirectly held 95.05% by NSDL and 4.95% by Protean eGov Technologies. Its disclosed operations include digital account opening, 7,244 service points, business-correspondent-enabled banking, cash management, Aadhaar Enabled Payment System services, UPI services and card programmes.

NPBL’s standalone Q2 FY27 income of Rs 292.3 crore is not directly comparable with NSDL’s consolidated total income of Rs 582.6 crore for the same quarter. NPBL specifically notes that consolidated figures differ because of Indian Accounting Standards adjustments and inter-company revenue eliminations. The two income measures therefore use different stated reporting bases.

Conclusion

NPBL’s Q2 FY27 disclosures show year-on-year expansion in payments activity, customer reach and income. UPI-acquiring volume rose from Rs 9,572.3 crore to Rs 23,181.6 crore, CASA customers increased from 33.5 lakh to 54.3 lakh, and standalone income rose from Rs 179.4 crore to Rs 292.3 crore. Quarter on quarter, however, income and customer liability balance declined while UPI-acquiring volume and CASA customers increased.

What to watch next is the development of NPBL’s newer and card-based payment streams. Its UPI cash-withdrawal service recorded Rs 120 crore in H1 FY27, while RuPay National Common Mobility Card loads exceeded Rs 100 crore in October 2026 after the Maharashtra mandate took effect on September 1, 2026. The presentation does not provide subsequent targets, service-level revenue or transaction-count disclosures.