According to NSDL DRHP, it has entered into other ancillary businesses of database management and payments bank businesses, through its Subsidiaries, NDML and NPBL, respectively. Segment-wise revenue generated is as follows:
It shows that the payment bank business is responsible for most of the revenue and growth in recent years. This is also the reason for lower margins than CDSL. It is not comparable to CDSL due to different business models. We should treat NSDL as a payment bank business as its contribution rises further.
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