Protean eGov Technologies

Protean eGov Technologies Limited (earlier known as NSDL e-Governance Infrastructure Limited) was a former subsidiary of NSDL. It works on Digital Public Infrastructure and Open Source software as well as offers services related to issuance of PAN cards and also acts as central record-keeping agency for National Pension System (NPS).

History

Protean eGov Tech. Ltd. was originally incorporated as `NSDL e-Governance Infrastructure Limited' on December 27 1995 at Mumbai. The name was changed to `Protean eGov Technologies Limited' on October 28 2021.It has collaborated with the government having an extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Government of India sold stakes via SUUTI(Specified Undertaking of The Unit Trust of India) and other PSBs such as IDBI Bank, Union Bank of India and State Bank of India through IPO in 2023.

Function and Roles

Protean eGov Tech. Ltd. It has created strong e-governance interventions impacting multiple sectors of the Indian economy and touching various aspects of a citizen's life-modernizing the direct tax infrastructure providing a tax identity to citizens and corporates (issuance of PAN card) strengthening the old-age social security infrastructure (National Pension System NPS & Atal Pension Yojna APY) promoting financial inclusion by contributing to the India Stack by enrolling citizens for National Identity and enabling the BFSI sector by providing Aadhaar-based identity authentication and e-Sign services. Subsequently it was separated as a technology enabling company. It has been the chief architect and implementer for some of the most critical and large scale technology infrastructure projects. It introduced Online Tax Accounting System. It launched PAN card services in 2005. In 2007 it signed a Memorandum of Understanding with the Income Tax Department for establishing an internet-based service for verification of PAN by authorised entities. It introduced Central Record keeping Agency System in 2008.In 2009 the Company launched New Pension System (NPS) to all citizens except government employees covered by NPS.

Formation

.In year 2012 NSDL Depository Limited an erstwhile wholly-owned subsidiary of Company and the Company filed a Scheme of Arrangement before the High Court of Judicature at Bombay to demerge the depository business and undertaking of the Company (Transferor Company) and vest in NSDL Depository Limited (Transferee Company). Pursuant to Scheme of Arrangement the depository undertaking i.e. the business of Transferor Company engaged in providing depository services transferred and vested in the Transferee Company as a going concern. The Scheme was approved by the High Court of Judicature at Bombay dated November 2 2012. The Transferee Company in consideration of demerger issued and allotted fully paid-up equity shares on a proportionate basis to all the shareholders of Transferor Company on the following basis: for every 2 fully paid-up equity shares of Rs 10 each held by the equity shareholders of the Transferor Company on the effective date 1 fully paid-up equity share of Rs. 10 each of the Transferee Company.

Products

Protean primarily works on Cloud based Enterprise Digitalization, Payments, Digital Public Infrastructure and B2B Marketplace. The Company launched e-KYC services for ICICI Prudential Life Insurance in year 2014. It introduced an online platform for students Vidya Lakshmi Electronic Platform to avail education loan.In 2018 the Company launched Vidya Kaushal which facilitate skill development loans to students pursuing courses run by NSDC approved training partners. It launched the iKar application for Android and iOS users. It constructed a Modified Data Centre facility at Bangalore.

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