GLOBAL ECONOMY
The global economy in FY 2024-25 navigated a complex yet cautiously optimistic environment, one shaped by geopolitical realignments, evolving trade dynamics, and accelerating technological transformation. While structural vulnerabilities persist, ranging from regional conflicts and climate disruptions to sovereign debt concerns in emerging markets, the broader economic narrative has been one of resilience and adaptability.
According to the International Monetary Fund (IMF), global growth is projected at 2.8% in 2025, rising modestly to 3.0% in 2026. However, below the pre-pandemic average of 3.7%, this trajectory reflects a world economy adjusting to new realities marked by policy recalibration, digital integration, and emerging models of collaboration. The normalization of cyclical factors in goods trade is being supported by innovative trade agreements, selective geopolitical de-escalation, and structural reforms including regulatory simplification and deeper market integration.
One of the most defining features of the current global landscape is the rapid advancement and mainstreaming of artificial intelligence, cyber-physical systems, and digital public platforms. With falling adoption costs and proactive policy frameworks, AI is increasingly contributing to productivity, innovation, and economic expansion. FY2024- 25 has witnessed a shift in how digital transformation is perceived: no longer as a support function, but as a core driver of national competitiveness and economic strategy.
Headline inflation continues to moderate globally, with the IMF projecting it to ease to 4.3% in 2025 and 3.6% in 2026. Advanced economies are expected to reach target inflation levels sooner than emerging markets, with projections of 2.2% and 4.6% respectively by 2026. While countries such as the U.S. and U.K. still contend with lingering price pressures, regions like emerging Asia including China are seeing greater price stability, aided by long-term policy direction and resilient demand conditions.
Regionally, the U.S. economy remains robust, with an estimated growth rate of 1.8%, supported by strong consumer demand and an innovation-led productivity surge. China is undergoing a strategic economic rebalancing moderating short-term growth in favor of long-term sustainability and technological self-reliance. The Euro Area, meanwhile, is projected to grow by 0.8%, as it continues to adapt to demographic transitions, energy dependencies, and fiscal constraints, while making progress in digitalization and public expenditure reform.
Emerging markets, particularly across Asia and Africa, remain pivotal to global growth despite facing challenges such as debt stress and climate-related volatility. Encouragingly, these regions are increasingly investing in sovereign digital infrastructure, secure data ecosystems, and AI-driven public service delivery aligning with a broader global shift toward trusted, inclusive digital economies.
As we look ahead, the contours of global growth are being redrawn less by commodity cycles and more by the depth of digital infrastructure, strength of institutional trust, and capacity to scale at population level. This paradigm shift is opening new avenues for cross-border collaboration, export of Digital Public Infrastructure (DPI) frameworks, and the creation of secure, citizen-centric digital ecosystems areas where India, and Protean, continue to demonstrate global leadership.
Emerging Markets and Developing Economies
Growth across emerging and developing Asia is expected to moderate, influenced by evolving trade dynamics and policy shifts. ASEAN economies are experiencing pressure from recent tariff actions, while China faces headwinds from trade uncertainty and policy adjustments. Indias outlook remains comparatively resilient, underpinned by steady domestic demand.
Sub-Sahara Africa
Sub-Saharan Africas growth is projected to ease slightly to 3.8% in 2025, before recovering modestly to 4.2% in 2026. Recent developments have weighed on short-term prospects and added complexity to policy management. While the region has demonstrated resilience and progress in recent years, sustaining momentum will require continued focus on stability, adaptability, and credible policymaking [2]
Middle East and Central Asia
Growth in the Middle East and North Africa is projected to rise to 2.6% in 2025 and 3.4% in 2026, though at a slower pace than previously anticipated. Elevated trade tensions, policy uncertainty, regional conflicts, and extended oil production cuts continue to weigh on the outlook [3]
Asia
Growth in the region is expected to moderate to 3.9% in 2025 and 4.0% in 2026, reflecting weaker external demand, a soft tech cycle, and subdued private consumption. Downside risks persist due to heightened sensitivity to global trade uncertainty, asset price volatility, and potential disruptions to capital flow. [4]
| IMF Global Growth Forecast as of April 2025 (% Change Y-o-Y) | Projections | ||
| Region/Country | 2024 | 2025 | 2026 |
| World Output | 3.3 | 2.8 | 3.0 |
| Advanced Economies | 1.8 | 1.4 | 1.5 |
| United States | 2.8 | 1.8 | 1.7 |
| Euro Area | 0.9 | 0.8 | 1.2 |
| Japan | 0.1 | 0.6 | 0.6 |
| United Kingdom | 1.1 | 1.1 | 1.4 |
| Canada | 1.5 | 1.4 | 1.6 |
| Other Advanced Economies | 2.2 | 1.8 | 2.0 |
| Emerging Markets & Developing Economies | 4.3 | 3.7 | 3.9 |
| China | 5.0 | 4.0 | 4.0 |
| India | 6.5 | 6.2 | 6.3 |
Global Economy - Outlook
Global economic growth is expected to moderate in the near term, reflecting a broad-based adjustment across regions and economies. This transition is shaped by evolving trade dynamics and indirect effects on global supply chains, investment sentiment, and business confidence. However, this phase also presents an opportunity for economies to recalibrate and strengthen their foundations for future growth.
Supportive fiscal measures particularly in key regions such as China and the Euro Area are poised to cushion the impact and help maintain economic stability. These efforts underscore the proactive stance many governments are taking to navigate current challenges and foster recovery.
Looking ahead, the five-year growth forecast stands at 3.2%, slightly below the historical average of 3.7% recorded between 2000 and 2019. This reflects a more measured medium-term outlook, especially among emerging markets and developing economies. While this may slow the pace of income convergence with advanced economies, it also highlights the importance of strategic reforms and innovation to unlock new growth pathways.
In response, global policymakers and institutions are placing strong emphasis on targeted fiscal and structural reforms aimed at enhancing productivity and long-term growth potential. Moreover, international cooperation is gaining renewed importance as a key driver of resilience, inclusive development, and sustainable progress in an interconnected world.
References
World Economic Outlook. April POPS: A Critical juncture amid Policy Shifts
https://www.imf.org/en/Puhlications/RFO#:~:text=Regional%PQ Fconomic%P0Outlook%PC%P0Western%P0Hemisphere.and%PQ Pressing%20on%20with%20Reforms&text=After%20 successfully%?0weathering%?0a%?0series.growth%20and%?0 raise%20living%20standards.
https://www.imf. org/en/Publications/REO/MECA/ Issues/2025/04/24/regional-economic-outlook-middle-east- central-asia-april-2025
https://www. imf. org/en/Publications/RFO/A P AC/ Issues/7075/04/74/regional-economic-outlook-for-asia-and- pacific-April-2025
INDIAN ECONOMY
India remained a bright spot on the global economic map in FY 2024-25, demonstrating resilience, reform- driven momentum, and digital transformation at scale. Amid persistent global volatility, Indias macroeconomic stability, robust domestic demand, and forward-looking policies positioned it as one of the fastest-growing major economies in the world.
According to the IMFs World Economic Outlook (April 2025), India is expected to grow at 6.2% [1] in 2025 and 6.3% in 2026, continuing to outpace all other major economies. This growth is driven by resilient domestic consumption, strong manufacturing output, digital public infrastructure, buoyant tax collections, targeted capital investment and a thriving services sector anchored in digital adoption and formalization. In a landmark shift, India overtook Japan in 2025 to become the worlds fourth-largest economy by nominal GDP, as acknowledged by IMF data and acknowledged by the Government of India.
Indias growth trajectory in 2024-25 has been underpinned by substantial government investment in people-centric and technology-driven initiatives [2] . The Union Budget increased capital expenditure to 11.21 lakh crore, underscoringsome focusespeciallyondigitalinfrastructure. Indias inflation continues to be on the lower end and is moving steadily as per the target of 4%. Budget provisions prioritized BharatTradeNet, a digital public infrastructure [3] platform for trade documentation and financing,enhancing MSME export capacity. Simultaneously, a 500 crore AI Centre of Excellence^ was announced to foster artificial intelligence integration into the education sector. These measures, along with continued digital inclusion bolster Indias digital economy footprint.
Indias long-term growth outlook remains anchored in prudent fiscal management and forward-looking policy initiatives. The governments plan to reduce the fiscal deficit to 4.4% [2] of GDP in FY 2025-26 reaffirms its commitment to macroeconomic stability. A new framework for Global Capability Centers [5] in emerging Tier 2 cities aims to attract multinational R&D and shared-service operations by enhancing local talent and infrastructure. Demographically, Indias youthful population continues to be a strong asset, with targeted skilling initiatives [5] through Atal Tinkering Labs and Centers of Excellence for AI providing a pipeline of tech-ready professionals. As the geopolitical realignment of global supply chains - spurred by major trade tensions - intensifies, Indias combination of demographic depth, digital acceleration, and reform-led governance sets the stage for sustained trajectory towards Viksit Bharat 2047. The Indian growth story is truly taking wings, powered by resilience, reform, and renewed global relevance.
References:
Press release by Gov. of India
Union Budget Speech FY25-26
Union Budget Speech page 19
Key features of Budget FY25-26
PIB press release of highlights of Union Budget
Q1 Q2 Q3 Q4
Source: The Ministry of Statistics and Programme Implementation (MOSPI)
https://www.mospi.gov.in/dataviz-quarterly-gdp-growth-rates
Source: The Ministry of Statistics and Programme Implementation (MOSPI)
Indian Economy - Outlook
India continues to demonstrate resilience and dynamism in its economic trajectory, maintaining its position as one of the fastest-growing major economies globally. According to the World Banks Global Economic Prospects (GEP) report (January 2025), Indias GDP is projected to grow at a steady rate of 6.7% in both FY26 and FY27, significantly outpacing global growth of 2.7%.
The International Monetary Fund (IMF) reinforces this outlook in its World Economic Outlook (WEO), forecasting Indias GDP growth at 6.5% for both 2025 and 2026. This consistency highlights Indias stable economic fundamentals and its ability to maintain momentum despite global uncertainties.
Key structural reforms and initiatives such as Make in India, Production Linked Incentive (PLI) schemes, and digital platforms like the National Single Window System and BharatTradeNet are enhancing the ease of doing business and fostering innovation.
The expanding middle class, rising rural demand, and a vibrant startup ecosystem continue to support consumption and entrepreneurship. Moreover, Indias growing stature as a global technology investment destination and its push toward deregulation are expected to attract greater foreign and domestic investment.
OVERVIEW OF INDUSTRY
Protean eGov Technologies Limited operates at the forefront of Indias digital transformation, particularly within the Indian IT and ITeS, Banking Financial Services, and Insurance (BFSI) and Digital Banking and Finance sector. As a pioneer in e-governance, Protean leverages its expertise to provide critical infrastructure and services that support the sectors evolving needs. With a robust portfolio that includes Tax services, Central Recordkeeping Agency services, Identity services, Cloud services and Account Aggregator, Protean plays a pivotal role in enhancing the accessibility and efficiency of financial services.
IT & ITeS Sector
Indias IT and ITeS sector continues to maintain a strong global presence, driving exports and creating significant employment opportunities. It remains a key force in digital transformation, both within the country and internationally. According to NASSCOM, the Indian technology industry- including hardware?€”added an incremental revenue of $13.8 billion, bringing the total estimated revenue to $282.6 billion in FY2025, reflecting a year-on-year growth of 5.1%. The industry is poised to reach the $300 billion revenue milestone in FY2026. Export revenues from the IT sector are estimated at $224.4 billion, growing at a robust 4.6% y-o-y, while the domestic market is projected to exceed $58.2 billion, with a 7.00% y-o-y growth. Insights from the NASSCOM Annual Enterprise CXO Survey 2024 suggest a stronger growth trajectory for 2024, especially in sectors such as BFSI, telecom, media & entertainment, and hi-tech, which are leading the charge in digital investments. Generative AI (Gen AI) is anticipated to remain a principal strategic focus for most organizations in the foreseeable future. Indias AI market is projected to grow in alignment with global trends, with the financial sector emerging as the primary investor.
India is strategically positioned to capture a substantial share of the global IT services market in the coming years. This potential is driven by the countrys strong foundation in Information Technology, its ability to supply talent at scale, and its increasingly sophisticated service offerings. Favorable demographic trends and the need to build a compelling global brand narrative around Indias IT capabilities are key factors shaping this growth trajectory.
Indias IT and ITeS industry remains a cornerstone of the nations economic and employment landscape, adding approximately 126,000 new jobs in FY 2024-25. This expansion brings the total workforce to an estimated 5.8 million professionals, reinforcing the sectors role as one of the largest private employment generators in the country. Notably, women now comprise 36% of the total employee base, reflecting ongoing efforts toward inclusivity and diversity in tech-driven careers 111 [2] .
Indias IT and ITeS sectors are poised for accelerated growth, supported by a series of strategic government initiatives aimed at enhancing digital infrastructure, skilling, and innovation. In the Union Budget 2025, the government significantly increased funding to key ministries - allocating 386,130 million to the Ministry of Science and Technology and 260,262 million to the Ministry of Electronics and Information Technology - to strengthen research, development, and digital capabilities [31 .
To address the growing demand for skilled talent, the government is establishing five National Centres of Excellence (NCoEs) for skilling, in collaboration with global partners, focusing on curriculum development, trainer coaching, and certification frameworks [41 . The Scheme aims to transform existing ITIs into aspirational skill institutes managed by industry and government, skilling 20 lakh youth over five years to meet industry workforce needs, and aligning local workforce supply with industry demand, benefiting industries and MSMEs.
India has emerged as a global hub for Global Capability Centers (GCCs), hosting over 1,700 centers with 1.9 million professionals. Fueled by a rich talent pool in AI, cybersecurity, and cloud computing, the sector is projected to reach $105 billion by 2030, with 2,400 GCCs employing 2.8 million people?€”cementing Indias role in enterprise innovation and operations. [51
The Production Linked Incentive (PLI) scheme continues to attract investment in IT hardware and electronics manufacturing, with 14 approved applicants under MeitYs program [61 .
These efforts are reshaping Indias technology landscape, positioning the country as a global hub for IT services, electronics manufacturing, and high-value R&D.
References
https://www.nasscom.in/sites/default/files/media pdf/ Nasscom%20SR%20Pre.ss%20re.lease.pdf
https://www.meity.gov.in/ministry/our-groups/details/software- industry-promotion-gNlFDOtQWa
https://www.bdo.in/getmedia/a5125f75-3eea-4535-9036- 6dff0da5cd09/India-Union-Rudget-2025 Key-Updates-IT-ITeS- and-GCC-Sector-New-1.pdf?ext=.pdf
https://www.pmindia.gov.in/en/news updates/cabinet-approves- national-scheme-for-industrial-training-institute-iti-upgradation- and-setting-up-of-five-national-centres-of-excellence-for-skilling/
[51 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2106222 [61 https://www.pib.gov.in/PressReleasePage.aspx?PRID=1732024
Banking & Financial Services (BFSI)
The Indian banking sector remains a pillar of economic growth, evolving rapidly amid technological advancements and regulatory reforms. As India moves toward its vision of becoming a $5 trillion economy, the sector is expected to undergo significant transformations by 2025. While public sector banks hold a majority of assets, private sector banks are driving growth through customer-centric innovations and technological integration [1] . The International
Monetary Fund (IMF) projects a 6.5% GDP growth for India in the financial year 2024-25, signaling robust demand for credit across businesses and individuals [2]
According to the India Investment Grid (IIG) by Invest India, the BFSI sector is undergoing a massive transformation: Banking assets are projected to surpass USD 28.5 trillion. Mutual fund assets are expected to quintuple by 2025. The Indian Fintech Market, valued at USD 31 billion, is now the third-largest globally [3] .
The Indian Banking and Financial Services (BFSI) sector continues to demonstrate resilience and dynamism, underpinned by robust macroeconomic fundamentals and progressive policy reforms. In FY 2024-25, the sector recorded a 7.2% growth in Gross Value Added (GVA), reflecting its pivotal role in supporting economic expansion and financial inclusion. [3]
Indias Real GDP grew by 6.5% in FY 2024-25, with a notable acceleration to 7.4% in Q4, as per the National Statistical Office (NSO). The Financial, Real Estate & Professional Services sector contributed significantly to this growth, with a 7.8% increase in Q4, indicating strong momentum in financial intermediation and allied services. [4]
Indias digital financial landscape continues to witness transformative growth, driven by strategic government initiatives aimed at fostering inclusive development. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has emerged as a flagship program in this regard, having successfully onboarded over 55.98 crore beneficiaries as of 5 th August 2025. [5] This milestone reflects the deepening penetration of formal banking services across the country and highlights the success of targeted financial inclusion efforts.
Furthering this momentum, the governments plan to establish 100 new branches of India Post Payments Bank (IPPB) in the North East region underscores its commitment to bridging regional banking disparities. The integration of 150,000 post offices into the digital banking ecosystem represents a significant leap toward universal financial access, particularly in remote and underserved areas [6]
In addition, the digitalization of Kisan Credit Card (KCC) lending is set to revolutionize rural credit delivery. By streamlining processes and reducing turnaround times, this initiative enhances cost efficiency and accessibility for farmers. The push for 100% digital account openings in rural India complements this effort, reinforcing the broader agenda of inclusive and technology-driven financial empowerment [7]
Financial Inclusion and Rural Penetration programs like Jan Dhan Yojana have extended financial services to rural and underbanked areas, creating a more inclusive banking ecosystem. Platforms such as You Only Need One (YONO), with over 75 million active users, showcase how digital tools are enhancing accessibility and customer convenience [8] .
Moreover, the financial services industry is witnessing robust growth in Retail and MSME lending. Credit disbursement has increased by 8%, with notable growth in MSME lending, boosted by government incentives. Retail lending remains a strong contributor, reflecting increased consumer confidence [8]
Capital Formation and Consumption Trends- Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) grew by 7.2% and 7.1% respectively in FY 2024-25, indicating healthy consumer sentiment and investment activity. These trends are expected to positively influence credit demand and financial product penetration. [4]
References
https://rmaindia.org/navigating-the-indian-banking-landscape- towards-POPS-transformatinns-trends-and-challenges/
https://www.pib.gov.in/PressNoteDetails. aspx?NoteId=154840&ModuleId=3#:~:text=Indias%20 GDP%20grew%206.S%2S%20in.824.9%20billion%20in%20 2024%E2%80%9325 .
https://indiainvestmentgrid.gov.in/sectors/bfsi
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2132688
https://www.pib.gov.in/PressNoteDetails. aspx?Noteid=154980&ModuleId=3
https://economictimes.indiatimes.com/industry/banking/flnance/ union-budget-2024-centre-to-set-up-100-branches-of-india- post-payments-bank-in-north-east/articleshow/111949959. cms?from=mdr
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2099696
https://rmaindia.org/navigating-the-indian-banking-landscape- towards-2025-transformations-trends-and-challenges/
Digital Banking and Finance
Indias Digital Banking and Finance sector has witnessed a transformative surge, driven by strategic initiatives. Financial inclusion remains a top priority, with initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY),
Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, MUDRA, Stand Up India, and Atal Pension Yojana making significant progress. As of 2024, these schemes have expanded their reach, ensuring that millions of citizens, especially from marginalized communities, gain access to essential banking, insurance, and pension services [1]
In 2024, leadership was reinforced through the DIGIDHAN Mission, catalyzing unprecedented growth in digital payment infrastructure and adoption. Between January and November 2024 alone, digital payment transactions soared to an extraordinary 223 lakh crore, marking a significant milestone in the countrys journey toward a cashless economy. This momentum was further bolstered by platforms like BHIM-UPI, which facilitated over 15,547 crore transactions during the same period, underscoring its pivotal role in democratizing access to real-time, secure financial services. These developments reflect Indias commitment to financial inclusion, digital innovation, and economic resilience. [1]
A budgetary allocation of 1.2 lakh crore was dedicated to expanding digital infrastructure in rural and semi-urban areas. This investment focused on deploying fintech solutions, upgrading digital banking services, and ensuring accessibility in underserved regions. The government also announced incentives for banks to partner with fintech startups to accelerate digital adoption [2]
India is home to the third-largest fintech ecosystem globally, with the industry projected to grow from 9.61 lakh crore (US$ 111 billion) to 36.47 lakh crore (US$ 421 billion) by 2029. Over 2,000 DPIIT-recognized fintech firms are reshaping financial services through innovations in digital lending, payments, and customer engagement [3]
In fiscal year 2024 (FY24), UPI transaction value in India reached 200 lakh crore, increasing from 139 lakh crore in FY23, representing a 138% increase. The number of UPI transactions also saw a significant increase, rising by 41% from 131 billion in FY23 to 185.8 billion in FY25 . UPI transaction values have seen an exponential increase, growing from 21.3 lakh crore in FY 2019-20 to 260.56 lakh crore by March 2025. Specifically, P2M transactions have reached 59.3 lakh crore, reflecting growing merchant adoption and consumer confidence in digital payment methods [5]
Looking forward, the technology sector is poised for strong growth, fueled by the deepening reach of internet connectivity nationwide. India has witnessed rapid expansion in its internet infrastructure in recent years, propelled by swift internet and broadband penetration,
The number of internet subscribers stood at 944.12 million subscribers [6] . This growth is further accelerated by factors like the affordability of smartphones, the expansion of 4G and 5G networks, and the increasing consumption of content in regional languages.
References
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2n88182
https://bfsi.eletsonline.com/why-everyones-talking-about-bfsis- ?n?4-transformation/
https://www.ibef.org/industry/banking-presentation
https://www.pib.gov.in/PressReleaselframePage. aspx?PRm=?n57ni3#:~:text=The%?nvalue%?nof%?nUPI%?n transactions.impressive%20%E2%82%B9101%20lakh%20crore .
https://www.pib.gov.in/PressReleasePage. aspx?PRID=2122747#:~:text=UPI%2ntransaction%2nvalues%2n have%2nseen.confidence%2nin%2ndigital%2npayment%2n methods .
https://www.pib.gov.in/PressReleasePage.aspx?PRID=213228Q
Structural Tailwinds Supporting Sectoral Expansion Population Dynamics and Economic Empowerment
Indias demographic and economic landscape continues to serve as a strong foundation for sectoral growth, particularly in areas such as e-governance and digital services. With a population of 1.46 billion and a median age of 28.8 years, the country presents a youthful and increasingly tech-savvy consumer base. This demographic profile has consistently driven demand for scalable, citizen-centric digital solutions. [1]
Complementing this demographic momentum is the steady rise in disposable incomes. Indias per capita GDP at current prices is estimated at 2.24 lakh, reflecting a robust growth of 8.8% in FY 2024-25. This economic uplift is enhancing consumer purchasing power and accelerating the adoption of digital platforms across industries, reinforcing the long-term growth potential of the sector. [2]
References
https://www.worldometers.info/demographics/india- demographics/
https://www.pih.gov.in/PressReleasePage.aspx?PRID=2132688 Accelerated Urbanization
India is undergoing a sustained transformation toward a more urbanized demographic profile, positioning urban development as a cornerstone of its long-term economic strategy. In alignment with the national vision of Viksit Bharat 2047, the government has significantly intensified its focus on urban infrastructure and planning. The accelerating pace of urbanization has elevated the role of urban development in shaping inclusive and resilient growth trajectories. Recent policy initiatives reflect this strategic shift, with urban development schemes being scaled and implemented with greater speed and operational efficiency.
References
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=2082648
Budgetary support and Digital Financial inclusion
Indias digital transformation continues to be underpinned by substantial budgetary allocations and the development of a robust Digital Public Infrastructure (DPI). In the Union Budget 2024-25, the Ministry of Electronics and Information Technology (MeitY) was allocated 26,026.25 crore, reaffirming the governments commitment to advancing digital governance and innovation. Additionally, the Ministry of Information and Broadcasting received 4,358.38 crore, while the Department of Telecommunications (DoT) was allocated 81,005 crore, highlighting the strategic emphasis on connectivity and digital outreach.
Flagship DPI initiatives such as Aadhaar, UPI, and DigiLocker have significantly enhanced transparency, efficiency, and scalability in financial service delivery. These platforms have strengthened citizen-centric governance and propelled Indias emergence as one of the fastest-growing fintech markets globally. Indias digital financial inclusion efforts are gaining momentum through targeted initiatives. The revamped PM SVANidhi Scheme now offers enhanced loan limits and UPI-linked credit cards for street vendors, fostering greater adoption of digital payments and improving access to formal credit. Micro enterprises registered on the Udyam portal benefit from newly introduced 5 lakh credit cards, designed to meet their working capital requirements. Additionally, the expansion of BharatTradeNet into a unified digital platform is streamlining trade documentation and financing for MSMEs and exporters.
Collectively, these initiatives serve as a transformative lever for sustainable economic development ?€”broadening financial access, reducing socio-economic disparities, and strengthening long-term economic resilience.
References
https://www.indiabudget.gov.in/doc/eb/sbe27.pdf https://www.indiabudget.gov.in/doc/eb/sbe61.pdf https://prsindia.org/files/budget/budget parliament/2025/DFG Analysis Telecom 2025-26.pdf 4 4
Flagship DPI initiatives such as Aadhaar, UPI, and DigiLocker have significantly enhanced transparency, efficiency, and scalability in financial service delivery. These platforms have strengthened citizen-centric governance and propelled Indias emergence as one of the fastest- growing fintech markets globally.
efficient governance, and digital innovation. Built on the foundational India Stack?€”which integrates identity (Aadhaar, e-KYC), payments (UPI, Aadhaar Payment Bridge), and data governance (DigiLocker, Account Aggregator)?€”the DPI now reaches over 97% of the population. This widespread adoption underpins Indias ambition to become a $8 trillion economy by 2030.
In 2024, the DPI ecosystem witnessed significant advancements across sectors. The Digital Agriculture Mission, supported by a 2,817 crore budget, aims to create digital identities for 11 crore farmers and digitize agricultural processes through platforms like AgriStack and Krishi-DSS. These initiatives include soil mapping, digital crop surveys, and geospatial data integration, with 29 million hectares already mapped. The data is made accessible via the Krishi Integrated Command and Control Centre, enabling real-time decision-making and more responsive agricultural policy and support.
Land governance also saw a major upgrade with the introduction of the Unique Land Parcel Identification Number (ULPIN), also known as Bhu-Aadhaar. This 14-digit geo-referenced identifier enhances transparency, reduces disputes, and streamlines land-related processes, contributing to more efficient public service delivery.
Meanwhile, UPI continued its rapid expansion, processing 16.6 billion transactions by October 2024. The Open Network for Digital Commerce (ONDC) extended its reach to 720 cities, supporting MSMEs and boosting digital commerce across urban and rural India. These developments reflect the growing maturity and scale of Indias digital payment and commerce infrastructure.
Artificial Intelligence (AI) adoption surged among Indian enterprises, rising from 8% to 25%. Generative AI alone is
projected to contribute up to $438 billion to GDP by 2030. AI is increasingly integrated into DPI systems to improve public service delivery, credit scoring, and fraud detection, making digital governance more intelligent and responsive.
The fintech sector attracted over $6 billion in investments over the past two years, signaling strong investor confidence. A key milestone was the RBIs recognition of the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organization, which marked a significant step toward enhancing consumer protection and promoting ethical digital lending practices.
To further streamline credit access, especially for rural and MSME borrowers, the RBI piloted the Unified Lending Interface (ULI). By integrating diverse data sources, including land records, ULI reduces appraisal time and enhances loan disbursement efficiency. Alongside this, the rollout of the Central Bank Digital Currency (CBDC) is expected to strengthen transparency and reduce fraud in digital transactions, reinforcing trust in Indias financial ecosystem.
Indias global leadership in digital innovation was further solidified through its chairmanship of the Global Partnership for AI and the release of the "Beyond Boundaries" report. This report outlines how Indias DPI model can serve as a blueprint for the Global South, offering strategic insights into leveraging digital infrastructure to advance Sustainable Development Goals.
Complementary policy reforms have been initiated to support the growth of DPI. Regulatory bodies, including the RBI, are refining frameworks to promote competition and optimize resource allocation. Notably, the KLEMS productivity framework is being updated to include digital assets, providing a more accurate measure of digital transformations impact on economic output.
Together, these developments position Indias DPI as a critical enabler of its digital economy, projected to reach $1 trillion, and reinforce its role as a global leader in digital public infrastructure.
References
https://proteantech.in/artides/dpi-2-0-2-4-developments/
DPI in a Box: First of its Kind solution
"DPI in a Box" is a first-of-its-kind solution conceptualized and brought to market by Protean, building on Indias globally recognized success in Digital Public Infrastructure. Coined and developed by Protean, this offering packages the core components of Indias DPI such as digitalidentity, eKYC, payments, consent frameworks, and open digital ecosystems into a modular, interoperable, and secure toolkit for countries embarking on their digital transformation journey.
This comes at a time when over 100+ countries are evaluating DPI models for scalable service delivery, with multilateral institutions such as the World Bank, UNDP, and G20 emphasizing DPI as a foundation for inclusive growth. (Source- UNDP Digital Public Infrastructure Report 2024, G20 India 2023 DPI Track, World Bank Digital Development Brief 2023-24; G20 Digital Economy Working Group) Over the past year, Protean has initiated DPI in a Box discussions across Southeast Asia, Africa, and the Middle East tailoring solutions for foundational ID, social safety nets, student financing, agriculture, and health systems. The model emphasizes open-source architecture, localization, and sustainability, while ensuring global best practices around data privacy, trust, and inclusion.
| \ | |
| Drawing on Indias population-scale success | |
| +1.3 billion | +780 million |
| Aadhaar holders | PANs |
| +7 billion | +1 billion |
| Aadhaar authentications | eKYC transactions |
Protean is actively internationalizing India Stack via real-world deployments.
Flagship engagements during FY25 include:
A national education infrastructure platform in Morocco
A Digital Health Enterprise Architecture for the Ethiopian Health Sector
Protean is the first Indian DPI player to operationalize such infrastructure globally, supported by multilateral partnerships and its wholly owned international subsidiary in the UAE. With "DPI in a Box," Protean is not only exporting Indias DPI expertise, but also shaping a new global narrative ?€” one where trusted, population-scale digital systems can be rapidly deployed to drive inclusive development, resilience, and ease of living.
5 PROTEANS BUSINESS - OVERVIEW
About the Company
Protean eGov Technologies Limited: Established in 1995, Protean eGov Technologies Limited has been instrumental in shaping Indias digital transformation journey with a 3-decade legacy in designing and operating mission- critical, citizen-scale platforms. Since its inception, the Company has been involved in 21 + critical projects across several key ministries, contributing meaningfully to the improvement of citizen services nationwide with deep capabilities in policy-tech execution, citizen-scale security, and last-mile service delivery. From laying the foundation of the countrys depository system to pioneering transformative initiatives such as the Tax Information Network (TIN), PAN issuance, the Online Tax Accounting System (OLTAS), and the Electronic Accounting System in Excise and Service Tax (EASIEST), Protean has consistently been at the forefront of e-governance innovation. Protean stands as a trusted partner to governments, regulators, and institutions, delivering end-to-end digital identity solutions, secure data exchange frameworks, and robust cloud infrastructure.
Headquartered in Mumbai, the company has consistently played a pioneering role in building inclusive, citizencentric Digital Public Infrastructure (DPI).
Having maintained a leadership position in the DPI space for over two decades, Protean is now strategically positioned to drive the next wave of digital transformation through National Open Digital Ecosystems (NODES). These ecosystems span critical sectors such as e-commerce, mobility, open finance, agriculture, Health and Insurance enabling scalable, interoperable, and secure digital services that foster economic growth and social inclusion.
In alignment with its vision to take India Stack global, Protean established Protean International, a wholly owned subsidiary based in DMCC, UAE, to spearhead its international business operations. This global expansion was marked by the successful deployment of a first-of-its- kind, education-focused DPI-in-a-Box solution in Morocco, and the company has also secured a strategic mandate in Ethiopia-further reinforcing its commitment to enabling Open Digital Ecosystems (ODEs) worldwide.
The Company has played an instrumental role in mission- critical, population-scale mandates, including the next phase of Agristack implementation, further strengthening of the CKYC stack, and the development of a national registry for the Banning of Unregulated Deposit Schemes (BUDS) under the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) and
supporting the Ayushman Bharat Digital Mission (ABDM) through the digitization of Aapla Dawakhana clinics. These initiatives underscore the continued focus on leveraging technology for financial inclusion, public service delivery, and scalable innovation
Unlocking Growth through Demographic and Digital Trends
Indias rapidly evolving demographic and economic landscape has created strong tailwinds for Proteans offerings:
?€” 1.46 billion population with median age of 28.8 years ?€” creating a demand for digital-first, inclusion-oriented services
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EMPOWERING NATIONS DIGITAL FUTURE
Digital transaction volume grew to 148 billion in FY25 (YoY growth of 45%) driven by UPI, Aadhaar-enabled services, and DPI platforms
Internet penetration crossed 73%; 881M active internet users projected by 2025
Fintech funding topped $6B over two years, supported by digital lending frameworks and DPI-backed innovations
This structural shift towards digital access, financial formalization, and identity-linked service delivery underpins Proteans business model and future growth.
Focus Areas / Business Levers
| \u2022 | \u2022 | \u2022 L- | \u2022 | \u2022 | \u2022 |
| Tax | Central Recordkeeping | Digital | Data | Open Digital | Cloud & Infosec |
| Services | Agency - NPS, APY & UPS | Identity | Stack | Ecosystems | Services |
PROTEANS STRATEGIC POSITIONING
Enablingdemocraticaccess throughOpen DigitalEcosystems
| PAN Card | Online PAN | eSignPro | Multisector | Consumer & |
| Issuance | Validation | Interventions | Corporate Tech as | |
| Ecommerce & Mobility | Application Service | |||
| (ONDC), Agriculture, | Provider | |||
| Tax Information | Licensed Service | Al Powered CKYC | Health, Education & | |
| Network | Agency for eKYC, | Skilling | Infra Services - | |
| Auth | Cloud | |||
| Central | Certifying Authority | RISE with | Data Exchange - | |
| Recordkeeping | for Esign | Protean | Account Aggregator | Infosec |
Agency for NPS, APY & UPS
Business Lines
TAX SERVICES
Protean eGov Technologies Limited plays a central role in Indias tax administration ecosystem, primarily through its PAN and TAN-related services. As an authorized entity under the Income Tax Department (ITD) since 2003, Protean facilitates the issuance, reissuance, and updating of Permanent Account Numbers (PAN), as well as the processing of Tax Deduction and Collection Account Numbers (TAN). The Company also supports Online PAN Verification (OPV) and operates a nationwide network of TIN Facilitation Centres (TIN FCs) and PAN Centres. As of March 31, 2025, Protean had processed over 52 crore PAN applications, including the issuance of more than 27 crore e-PANs.
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+4.0 lakh
PAN/TIN facilitation centers and strategic
network entities were operational, covering
more than 12,000 locations across 36 states
and Union Territories during FY 2024-25
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The Company maintained 7,000+ TIN FCs across 1,800+ locations, providing e-TDS return acceptance services. Proteans extensive distribution network includes certified agents delivering assisted services across 12,000+ PIN codes via more than 4,00,000 PAN and TIN centers. This network remains a cornerstone of operations, ensuring accessibility and compliance under ITD oversight. With a cumulative market share of 64%, Protean continues to lead in PAN card processing and issuance. The Companys technology-driven approach enables scalable, efficient service delivery and seamless integration with government systems. Beyond core offerings, Protean provides services such as PAN card reprints with updated details and ensures seamless support through dedicated call centers and digital platforms. These initiatives reinforce its commitment to accessible, technology-driven service delivery and sustained leadership in digital tax infrastructure.
Looking ahead, Protean is focused on leveraging its trusted distribution ecosystem to pursue a multi-product strategy aligned with the broader goals of Digital Public Infrastructure. The Company remains committed to service innovation, adaptability, and simplifying tax compliance for individuals and businesses, both in India and globally.
Growth Drivers - Tax Services
PAN is increasingly becoming a quasi-mandatory document across sectors
PAN serves as the single identifier for businesses and financial transactions
PAN penetration in India is still below 40%, with over 50 crore Indians yet to obtain one ?€” indicating significant untapped market potential
Over 1.2 crore youth enter the workforce every year, expanding the potential PAN user base
More than 200 financial aid schemes and subsidies, including the Pradhan Mantri Vidya Lakshmi Karyakram, require PAN for eligibility
PAN 2.0 RFP & Way Forward
During FY2024-25, the Cabinet Committee on Economic Affairs (CCEA) approved the Income Tax Departments PAN 2.0 Project. The initiative is aimed at comprehensive technological overhaul of the Income Tax Departments existing IT infrastructure that involves the design, development, integration, and management of the Income Tax Departments core technology systems. The PAN 2.0 RFP does not impact the operational continuity of Protean. The company continue to operate under its existing mandate and remain deeply committed to supporting Indias tax infrastructure through secure and accessible PAN issuance services. The companys multi-product strategy, strong annuity-led platforms, and diversification across digital public infrastructure services such as pension, digital identity, ONDC, and CKYCR position us well for sustainable long-term growth.
CENTRAL RECORDKEEPING AGENCY SERVICES
Indias social security landscape is undergoing significant transformations in response to increasing formalization, rising life expectancy, and the growing need to address income insecurity for informal and gig economy workers. As of March 31, 2025, the National Pension System (NPS) and Atal Pension Yojana (APY) have collectively surpassed
crore subscribers, driven by policy reforms, platform innovation, and inclusive outreach.
Protean eGov Technologies Limited has been a pioneer in this space, conceptualizing, designing, and developing the Central Recordkeeping infrastructure for Indias pension ecosystem. With over 15 years of experience in expanding technology-led pension infrastructure at a population scale, Protean has built Indias first Digital Pension Infrastructure and currently serves as the largest Central Recordkeeping Agency (CRA) for NPS and APY, boasting a combined market share of over 97%. As the CRA, Protean has established robust IT infrastructure and handles administration and customer service functions for all subscribers, playing a vital role in Indias pension ecosystem
National Pension Scheme (NPS)
NPS Government Sector: The Government Sector consists of Central Government (including CABs) and State Governments/ Union Territories (including SABs). Protean has been servicing India both at the Centre and State level from the initialization of NPS and continuing to have major market share. So far, 32 State Governments/ Union Territories have entered into agreement with Protean for availing its services as CRA. During FY 2024-25, more than 3,000 Nodal Offices were registered for Government Sector. In all, more than 27,000 Nodal Offices of Central Government (including the offices of 681 CABs) and 2.63 Lakh Nodal Offices of State Governments (including the offices of 1,938 SABs) are registered with Protean.
NPS Private Sector: As part of the pension offerings, Protean offers NPS services to Private Sector consisting of All Citizens of India sector (also referred to as Unorganized Sector i.e. UOS) and Corporate Sectors (B2C and B2B). As of March 31, 2025, 89 entities were acting as Points of Presence (POPs) servicing subscribers under these sectors through more than 91,000 touch points across the country. So far, more than 16,400 Corporates have been registered to enroll their subscribers under NPS which also includes Public Sector Banks and Public Sector Enterprises which have mandatorily implemented NPS.
NPS Vatsalya: Pension scheme for Minors: In line with the Governments vision to expand pension coverage and instill financial discipline from an early age, the National Pension System (NPS) Vatsalya was launched in September 2024. Aimed at minors, this pioneering scheme allows individuals to enroll in the NPS right from infancy, offering an extended vesting period and harnessing the power of compounding to build a substantial retirement corpus over time.
As highlighted by Honorable Finance Minister Smt. Nirmala Sitharaman at its launch, NPS Vatsalya promotes a disciplined savings habit from a young age and provides a government-backed platform for long-term wealth accumulation. The initiative also addresses the growing need for pension preparedness in the context of Indias ageing population and increasing life expectancy.
The response to the scheme has been overwhelmingly positive ?€” with over 1 lakh accounts opened within the first six months, and Protean capturing nearly 75% of its market share.
NPS Vatsalya marks a significant step in Indias pension reform journey ?€” enabling early financial inclusion, encouraging lifelong savings, and empowering the next generation to retire with dignity.
Atal Pension Yojana (APY)
APY is an initiative towards making India a pensioned society through financial inclusion. The assured pension and fixed instalment amount with respect to the age not only makes the scheme more attractive to the economically weaker sections but also makes the product simpler and comprehensible. Till March 31, 2025, 440 APY Service Providers have joined, and these APY-SPs have registered around 1.79 Lakh branches under APY as service branches.
APY is Indias flagship contributory pension scheme targeting low-income and informal sector workers. Protean was appointed as the CRA for APY by PFRDA. Total APY subscribers base in India crosses 6.7 crore as on 31st March 2025.
Unified Pension Scheme (UPS):
The Unified Pension Scheme (UPS), launched by the Government of India on April 1, 2025, marks a significant milestone in Indias pension landscape. Introduced as an option under the National Pension System (NPS) for Central Government Employees, UPS is designed to ensure long-term financial security, stability, and dignity post-retirement ?€” delivering assured pension pay-outs and inclusive social protection.
Employees currently enrolled under NPS can choose to remain with the existing system or opt into UPS. However,this choice is permanent and irreversible, reflecting the long-term nature of the commitment. While the scheme is currently available only for Central Government Employees, going forward the State Government can also implement UPS.
The UPS provides assured pay-out based on certain prescribed conditions. An existing Central Government employee in service as of 1 April 2025, who are covered under NPS is eligible to opt for UPS. Also, a newly recruited Central Government employees joining service on or after 1 April 2025 is eligible to opt for UPS within 30 days of joining. In addition, a Central Government employee who were covered under NPS, retired on or before 31st March 2025 and who meets certain prescribed conditions (as stipulated) is eligible to opt for UPS. In order to have seamless implementation of UPS from April 1,2025, during FY 2024-25, CRA has undertaken various activities such as system development for operationalizing UPS, training & handholding to Nodal Offices on UPS operations, SMS/ email intimation about UPS to Subscribers, information dissemination through CRA website etc.
As the Central Recordkeeping Agency (CRA), Protean was entrusted with the design, development, and deployment of this critical reform. Leveraging its deep domain expertise and technological capabilities, Protean successfully delivered a fully compliant, scalable, and secure digital platform within a record timeline enabling
seamless onboarding and administration of UPS with robust infrastructure and user experience.
The launch of UPS reinforces the Governments commitment to pension reform and showcases Proteans pivotal role in delivering nation-critical, citizen-centric digital infrastructure that shapes the future of retirement security in India.
Complementing the success of key schemes, Protean also launched a revamped mobile app during the year, featuring an intuitive interface, enhanced security, and advanced functionalities such as new account opening and Tier II activation, further strengthening access to pension services.
Proteans Edge as CRA
eNPS: Protean in its continuous endeavor to simplify procedures and modalities of NPS, developed an online platform (based on PFRDA guidelines) for registration and contribution. This platform has been made available to NonGovernment as well as Government Sector. Under eNPS, multiple options of registration such as through Aadhaar, Digi Locker, CKYC, PAN & KYC Verification by Nodal Office have been provided. eSign/ OTP based authentication facility has been integrated in eNPS platform to enable a Subscriber to sign his/her PRAN application electronically. This process ensures that PRAN is available to the Subscriber instantly. Also, this paperless on-boardingprocess has eliminated the requirement of submission of physical documents to CRA, thus enhancing the ease of registration process. During FY 2024-25, around 5.91 Lakh PRANs were generated under UOS, of which more than 34% PRANs were generated through eNPS. Further, till March 2025, 2.76 Lakh Government subscribers have been registered through eNPS. The facility to activate Tier II account by existing subscribers has also been made available under eNPS. Out of 10.9 Lakh Tier II accounts, nearly 7.45 Lakh accounts are opened / activated through the eNPS.
At present, Bill Desk and RazorPay act as Payment Gateway Service Providers for eNPS contributions, and more than 70 banks are associated with them through which subscribers can remit contribution to their NPS accounts. Contribution payment using UPI has also been made available in eNPS. Further, more than 9,047 Crore was contributed through eNPS (by both, existing as well as new subscribers of NPS regular and Lite including Tier II) during FY 2024-25.
D-Remit facility: Under NPS, various modes are available for contributing. However, contribution made through any mode on eNPS platform is credited into the PRAN account of the Subscriber on T+2 working days and thus the NAV is allotted on T+2 day (T being the day of remittance of funds by the Subscriber). D-Remit is a process/ facility wherein a Subscriber will get NAV of the same day (provided
the contribution is made to Trustee Bank before a predecided cut-off time - at present 11 am) and provides the Subscriber with an option to make systematic investments in the PRAN account. As on March 31, 2025, more than 47.83 Lakh D-Remit transactions were made for which contribution of more than 4,630 Crore was settled across sectors.
Bharat Bill Payment System (BBPS): To enhance ease and accessibility for National Pension System (NPS) Subscribers, the Bharat Bill Payment System (BBPS)?€” an RBI-conceptualized platform for bill payments?€”has been integrated with the NPS ecosystem. This integration enables Tier I and Tier II contributions to be made securely and conveniently through a wide range of channels under the BBPS framework. As of March 31,2025, 10,900 Subscribers have contributed an amount of 18.49 Cr. (including Tier I and Tier II account) through BBPS.
Online PRAN generation by Nodal Offices: In addition to eNPS, to facilitate the process of PRAN generation and timely upload of NPS contributions, Protean has developed and made available the functionality of Online PRAN Generation to Nodal Offices & POPs. During FY 2024-25, more than 3.26 Lakhs PRANs (UOS+Corporate) have been generated. This accounts for more than 44% of the total PRANs generated under Private Sector. Whereas in Government Sector, more than 3.86 Lakh PRANs have been generated during FY 2024-25 using Online PRAN Generation facility.
Empowering Subscribers
Paperless exit & enhancements: The facility of online processing of withdrawal request in a paperless manner has been made available for subscribers, wherein the Subscriber only needs to raise online withdrawal request, upload the necessary documents online and submit the request using the eSign/ OTP verification. The associated Nodal Office/ POP will verify details online and authorize the request, post which the request will be processed in the CRA. As part of the process, Bank Account details of Subscriber are verified through online Bank Verification to ensure seamless transfer of funds. Since, FY 2023-24, facility of Systematic Lump sum Withdrawal (SLW) has been provided to subscribers. The subscribers are allowed to withdraw up to 60% of their pension corpus, through SLW on a periodical basis for a period till 75 years of age as per the choice.
ePRAN and welcome Kit: Subscribers are provided with the option of ePRAN/ Welcome kit instead of Physical PRAN card at the time of registration in NPS in order to optimize the cost borne by the subscribers
Mobile App: In order to provide ease of access, NPS Mobile App has been made available for NPS Subscribers. Using this App, Subscriber can access various functionalities such as Transaction Statement, Contribution Remittance, details of latest contributions, change in contact details, change in address details, change in Scheme Preference under NPS after providing PRAN as User ID and password. The App is available for download on Google Play Store as NPS by Protean eGov for Android users. The App is also available for iOS and Windows users. This Mobile App is a common Mobile App for both NPS and APY Subscribers as well. As on March 31,2025, there are more than 20 million downloads for Mobile App (NPS regular and APY).
Chatbot: NPS/APY Chatbot (KYNA) has been implemented on NPS/APY Transaction websites. Existing as well as prospective subscribers can access Chatbot for information/ queries on NPS as well as APY. The Chatbot facility is also available on CRA Website as well as in Mobile App. Also, NPS subscribers can get information specific to NPS Account like Account Balance, Recent Contribution Credits, Subscriber Details View, etc. using KYNA.
NPS Prosperity Planner (NPP): NPP has been made available under NPS for the benefit of subscribers. NPP is futuristic and offers personalized retirement planning for the subscribers, based on their past contribution, expected income rise in the future and their cost of living. The calculator provides the Subscriber with the reasonable projections which aid in better retirement planning to ensure adequate and sustainable old-age income.
Balanced Life Cycle Fund (BLC): A new life cycle fund viz. Balanced Life Cycle Fund (BLC) was introduced during FY 2024-25 for private sector subscribers (Corporate and All Citizen) to provide automatic rebalancing of the asset classes as per age and risk profile of the subscriber. The maximum equity allocation under BLC shall be 50% which shall taper down after the age of 45 years as compared to 35 years under existing life cycle funds. As on March 31,2025, 13,911 Subscribers have opted for Balanced Life Cycle Fund. <
Retirement Adviser: The Retirement Advisers (RA) are appointed by PFRDA to engage in the activity of providing advice on NPS and thereby to extend the reach of NPS. The RA can be an individual, registered partnership firm, body corporate, or any registered trust or society. An online platform has been made available in the CRA system to facilitate registration of Retirement Advisers. As on March 31,2025, 50 Retirement Advisers have been registered and are Active in the CRA system and more than 1,500 PRANs have been generated through them.
Capacity Building and Marketing Initiatives: Several initiatives have been taken to reach out to different stakeholders of NPS during FY 2024-25. Also, Subscriber Awareness Programmes (SAP) are conducted to complement the efforts of PFRDA to make NPS popular amongst the masses and also to increase the awareness about NPS across India and about various features of NPS. During FY 2024-25, more than 1,700 training sessions (including SAPs) were conducted across all sectors online as well as offline for the Nodal Offices on various processes involved under NPS, operational requirements and process disciplines to be followed.
Information on NPS Investments through Consolidated Account Statement (CAS): The CAS provided by National Securities Depository Limited (NSDL) and Central Depository Services Ltd (CDSL) offers a consolidated view of the personal investments in the securities market with updated mark-to-market values. It encompasses holdings of Demat accounts and mutual fund holdings of the investors. In line with the Government of Indias vision to create a comprehensive record of every individuals financial asset, NPS Transaction Statement has been integrated with CAS provided by depositories (NSDL / CDSL). The facility to include NPS Transaction Statement in CAS will be available to NPS subscribers on consent basis. Till March 31, 2025, nearly 1,00,892 subscribers have evinced interest and provided their consent to avail the facility.
Mandatory two - Factor Aadhaar Authentication for CRA System Access w.e.f. 1 st April 2024: Government Nodal Offices (PrAO/DTA/PAO/DTO/DDO) and Private Offices (Point of Presence/Corporates), are granted with access to CRA system to conduct NPS related tasks, perform activities and generate various reports. The additional security layer, 2-Factor Aadhaar based authentication process implemented compulsorily for Government Nodal Office users logging into the CRA system, effective from 1st
April 2024. The two-factor approach significantly reduces the risk of unauthorized access to the CRA system. Also, this additional layer safeguards NPS transactions and protects the interests of both subscribers and stakeholders. Similar to NPS, 2-Factor Aadhaar-based authentication is also implemented for Nodal Offices of APY & NPS Lite. As on March 31, 2025, 38,391 Nodal Offices have linked their Aadhaar in CRA, out of which 37,589 Nodal Offices are of NPS Regular and 802 of NPS Lite & APY.
Digital Media Initiatives: To be in step with digital revolution, we have made ourselves significantly present in the digital space. Protean CRA has ramped up digital marketing initiatives which are focused on driving interest towards NPS, APY and UPS. Various new digital marketing initiatives, in the form of social media, audio- visual content, online collaborative campaigns were aimed to increase reach and engagement with subscribers and stakeholders. Further, by scaling up these initiatives with captivating visual content, CRA has been able to spread large scale awareness in a creative way on new developments in NPS & APY and their feature & benefits. We are actively present on four most powerful platforms of the digital era - Facebook, YouTube, Quora and Instagram
Protean CRAs Facebook page has over 85,000 followers whereas our Quora account has reached 13.07 million views and we have also become the most viewed writer of the topic NPS. Our YouTube channel - NPS Ki Pathshala has over 2.0 Lakh subscribers, with over 6.8 million views and the same has been utilized in imparting knowledge about NPS & APY and related operational aspects. Further, Our Instagram page called Protean. CRA has over 25,000 followers
As the largest CRA with a footprint across sectors like Government, Non-Government, Corporate as well the economically underprivileged, we would like to make pension more accessible by increasing the reach of the Service Providers. With this vision, we are working on identifying and activating new Channels and Channel Partners to increase the penetration of NPS at scale amongst the Indian populace. Pension as a subject is lesser-known area and even lesser is the information available, Protean CRA has worked continuously towards creation of awareness and providing the support to the channel partners in creating visibility for the product. Our Social Media imprint and Digital content are widely circulated and utilized by all stakeholders.
Protean was the first CRA in the NPS architecture and with the passage of more than 15 years, the technology has taken massive strides of change. In line with these changes, we have undertaken various technology initiatives towards supporting automation through the availability of a suite of APIs for all services, creation of better and simpler User experience through a change in the entire UI/UX for all our stakeholders and a one stop mobile application for everything under NPS.
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Growth drivers - CRA Services
Low Pension Coverage (AUM) : Indias ~ 17% of GDP vs 55%+ in OECD nations
Pension Penetration : 54% (US) vs 6% (India) NPS & APY AUM growing at ~ 30% CAGR (5 years)
Underserved Market : NPS AUM at 14T vs 75T in mutual funds
Global Benchmarking : India ranks 44/48 in Mercer Global Pension Index (2024), indicating significant expansion scope
New opportunities as NPS vatsalya, unlocking 40 cr+ addressable market of Minors
IDENTITY SERVICES
Indias growing digital economy hinges on robust identity infrastructure and compliant KYC systems. As regulatory expectations expand across banking, capital markets, insurance, and fintech, the demand for interoperable, real-time, and secure KYC platforms has surged.
Source - UIDAI Analytics Dashboard (March 2025), CKYCR Monthly Update, FIU-India
Protean is a leading provider of comprehensive digital identity verification services, uniquely offering all four key facets of this domain under one roof, offering anunmatched value proposition in the digital identity ecosystem. Protean stands at the forefront of the industry, driving the development of secure, efficient, and scalable identity solutions that serve both government and private sectors. Its innovative approach and cutting-edge technology ensure robust identity management systems.
Aadhaar-Based Authentication & e-KYC Services
Protean is authorized by the Unique Identification Authority of India (UIDAI) to operate as Authentication Service Agency (ASA), Authentication User Agency (AUA), KYC Service Agency (KSA) and KYC User Agency (KUA). These authorizations enable Protean to provide Aadhaar- based authentication and e-KYC services to a wide range of entities including central and state governments, banks, payment banks, PSUs, and insurance companies to verify identities electronically using Aadhaar data. Proteans Aadhaar-based authentication and e-KYC services are trusted by 45+ organizations across sectors, including central and state government departments, banks, payment banks, public sector undertakings, and insurance companies.
Competitive Advantages:
Direct API integration with UIDAI infrastructure ensuring lowest latency
99%+ uptime over the last three fiscals with enterprise- grade reliability
Comprehensive compliance framework supporting DBT, Aadhaar-PAN linking, and government welfare schemes
End-to-end digital on-boarding solutions reducing customer acquisition costs for BFSI partners
i. Aadhaar Authentication: Proteans Aadhaar-
based services enable secure, real-time identity verification across multiple citizen-centric applications. For instance:
Aadhaar seeding of bank accounts facilitates Direct Benefit Transfers (DBT) under government schemes
Authentication-linked attendance tracking improves transparency in government offices and academic institutions
Aadhaar-PAN linking ensures tax compliance and eliminates duplication in KYC records, directly supporting Indias digital compliance agenda < 86-213
Statutory Reports
screen-based, file-based, and software-based integration. These options allow organizations to seamlessly verify PAN details in real time or in bulk, supporting a wide range of use cases such as account opening, loan processing, tax filings, and other compliance-driven operations.
Couple of USPs for OPV services
Real-time PAN verification directly from Income Tax database
REST APIs for single and bulk verification workflows
Essential for AML, KYC, and fraud detection use cases
Widely used across BFSI, lending, HRMS, insurance, and G2C platforms
Electronic Know Your Customer (eKYC): Protean offers e-KYC services, enabling entities to verify customer identities digitally using the Aadhaar database. This process is carried out with the explicit consent of the resident, ensuring both compliance and data privacy. e-KYC simplifies and accelerates customer on-boarding for a wide range of institutions, including central and state governments, banks, payment banks, public sector undertakings, and insurance companies. By eliminating the need for physical documentation and manual verification, e-KYC enhances operational efficiency and supports secure, paperless workflows. e-KYC Transactions
Online Pan Verification (OPV): Proteans OPV services is a critical solution for validating Permanent Account Numbers (PAN) in financial and regulatory transactions with 90% market share and processing ~88 lakh+ daily PAN verifications. Authorized entities including banks, financial institutions, and government bodies can access PAN verification using three flexible methods:
e-Sign Service Provider (ESP) Licensed by Controller of Certifying Authorities (CCA)
e-Sign is an online electronic/digital signature service to facilitate Aadhaar holders to digitally sign documents. Protean is licensed by the Controller of Certifying Authorities (CCA) to operate as a Certifying Authority and an e-Sign Service Provider. Recognized under the Information Technology Act and CCA guidelines, Proteans e-Sign service facilitates secure, paperless workflows and is widely adopted across financial and governmental processes.
eSign: Proteans e-Sign services enables Aadhaar holders to digitally sign documents using biometric authentication or OTP, supporting use cases such as opening bank accounts, applying for loans, signing eNACH
mandates, and on-boarding customers for financial products. Additional applications include documentation for debit/credit cards, mutual fund investments, Form 60, FATCA-CRS declarations, and account openings for PPF, demat, and trading services. Over 217 entities including banks, NBFCs, stockbrokers, and government bodies have partnered with Protean to integrate e-Sign into their digital platforms. With 15.4 crore transactions in FY25 (cumulative: 58.9 crore) and daily capacity of ~4.2 lakh transactions, Protean maintains a dominant market position with 70% market share.
With its robust infrastructure and deep domain expertise, Protean is well-positioned to lead the next phase of growth in digital identity verification. As demand for secure and efficient authentication continues to rise, Protean remains at the forefront of innovation, delivering trusted solutions at scale.
Growth Drivers - Identity Services ^
Increase in Mobile Phone and Internet Subscribers - 1.1 Billion+ Mobile Connections; more than 0.7 billion Smartphone Users with more than 0.9 billion internet users in 2025
Banking Penetration and Digital Transactions-80%+ Banking Penetration; 0.6 billion accounts with balances of over INR 2,100 billion. 1.6 Mn bank accounts opened per day in FY25. More than 0.6 billion digital transactions happening in a day; 18.4 Bn+ UPI transactions till June 2025 since its launch in 2017
India runs worlds largest Direct Benefits Transfer Programme - Estimated Savings of $52 billion across DBT schemes since 2013-14; $227 Mn+ Direct benefits transferred per day in 2025; 300+ schemes and 900 Mn beneficiaries till FY25
Open Digital Ecosystem (ODE)
Indias Open Digital Ecosystem strategy represents the governments vision to create interoperable, inclusive digital platforms addressing population-scale challenges. Built on Digital Public Infrastructure (DPI) principles, ODEs leverage open standards, open-source software, and open APIs to democratize access to services across sectors. The Government of Indias commitment to sector- agnostic digital platforms through initiatives like ONDC, AgriStack, ABDM, and ONEST represents a multi-billion dollar opportunity for technology partners with proven DPI expertise.
Protean continues to play a pioneering role in the development and operationalization of Open Digital Ecosystems (ODEs), which are secure, interoperable platforms designed to address complex societal challenges through inclusive digital innovation. These ecosystems are built on a robust governance framework and leverage open standards, open-source software, open data, and open APIs to enable seamless collaboration across diverse stakeholders.
Proteans ODE architecture is structured around two foundational layers:
Digital Public Infrastructure (DPI):
This includes core components such as Registries, Gateways, and Reference Solution Providers (RSPs) that facilitate secure and standardized data exchange, identity verification, and service orchestration across sectors.
Demand-Supply Technology Stack:
This layer enables buyer and seller applications to interact within a unified digital framework, fostering open and equitable digital commerce. It supports scalable integration for platforms across sectors including mobility, healthcare, agriculture, education, and skilling.
Since FY2021, Protean has been instrumental in launching and scaling sectoral ODEs, notably operationalizing Indias first BECKN-based mobility registry and gateway in Kochi, thereby establishing the Kochi Open Mobility Network. As on FY2024-25, Protean has successfully supported Six sectoral interventions, each leveraging ODE framework to enable innovation, interoperability, and inclusive participation. These interventions are actively utilized by multiple buyer and seller platforms, contributing to the digital transformation of public service delivery and commerce.
ONDC aims to democratize digital commerce by breaking platform monopolies, with Protean serving as a founding member developing core infrastructure including gateway, registry, and settlement systems.
Protean eGov Technologies Limited as a founding member of the Open Network for Digital Commerce (ONDC), has played a key role in developing this open and interoperable digital commerce framework. As digital commerce expands
in India, Protean is well-positioned to support the growing ONDC ecosystem and its rising transaction volumes by enabling seamless connectivity between buyer-side and seller-side applications. Protean ensures that consumers can discover and transact with a wide range of sellers - from large supermarkets to local kirana stores - regardless of the app they use. This democratizes access to digital commerce and empowers small businesses to participate in the digital economy. Beyond facilitating transactions, Protean integrates logistics providers and other service partners into the network, ensuring smooth order fulfillment and delivery. It also supports secure, privacy- protected data exchange across the ecosystem, fostering trust among participants. Through its involvement with the Open Credit Enablement Network (OCEN), Protean helps small sellers gain access to credit, further enhancing their ability to grow and compete. At the core of the ONDC network, Protean contributes to essential services such as the registry of participants, enforcement of network policies, reputation and open data ledgers, and internetwork interoperability. These components ensure that the network operates fairly, transparently, and efficiently. Looking ahead, Protean may also support the development of a unified payment processor to streamline financial transactions within the network.
The Companys engagement with ONDC spans over 20 hyperlocal categories, including groceries, fashion, electronics, open finance, and others. Protean facilitates the onboarding of diverse buyer and seller platforms, supports transaction infrastructure, and enables interoperability across the network. These efforts have contributed to the rapid scaling of ONDC and the emergence of new use cases across sectors. It empowers consumers with seamless price, discount, and quality comparisons across sellers. In a pioneering move, Prasar Bharati launched the WAVES OTT app, integrating entertainment with ONDC-enabled E-Commerce. This shop while you stream experience, powered by Protean, marks a significant evolution in digital commerce.
Buyer applications such as Paytm, Meesho, and PhonePe enable consumers to place orders with local stores, restaurants, and large-format retailers, enhancing convenience and accessibility. On the seller side, Proteans enablement of an interoperable, low commission marketplace eliminates the dependency on monopolistic intermediaries, thereby improving competitiveness and market reach for small and medium enterprises. Sellers gain visibility into competitor campaigns, allowing for more informed pricing and promotional strategies. The underlying transaction infrastructure is secured using blockchain technology, which enhances trust, data integrity, and security across the network.
ii Mobility
Indias urban mobility market faces fragmentation and dominance of closed aggregator platforms. Open mobility networks address these challenges by creating interoperable, inclusive transportation ecosystems enabling grassroots mobility providers to participate independently.
Protean e-Gov Technologies Limited is advancing its mission to enable inclusive digital public infrastructure through the development of innovative, open, and interoperable platforms. Among its expanding portfolio, one of the key service verticals is digital mobility enablement, delivered through the Open Digital Ecosystem (ODE) framework. The companys mobility-focused ODE initiative began with the Kochi Open Mobility Network, built on the BECKN protocol. This marked a significant milestone in decentralizing access to urban transport services. The initiative has since evolved into a scalable model that empowers local mobility providers - such as auto-rickshaw drivers, taxi operators, and bus services to participate in a fair and open marketplace, free from the limitations of closed aggregator platforms.
The company works in close collaboration with government bodies, municipal transport authorities, and driver unions to enhance the operational autonomy of grassroots mobility providers. By utilizing open network architecture, the company promotes equitable competition and reduces reliance on monopolistic digital platforms. On the demand side, Protean enables seamless multimodal transport experiences for end-users. Its solutions supportride-hailing for cabs and rickshaws, bus ticketing, and metro access, all integrated into buyer-side applications across banking, enterprise, and distribution ecosystems. This integration not only improves consumer convenience but also creates new revenue opportunities for partners.
Additionally, Proteans platforms are aligned with the Open Network for Digital Commerce (ONDC), offering plug-and- play access to open mobility supply. This interoperability supports a wide range of use cases and contributes to building a more inclusive, scalable, and resilient digital mobility ecosystem.
iii Open Finance
Following its success in digital commerce and mobility, the Open Network for Digital Commerce (ONDC) has expanded into the financial services sector with the launch of its Open Finance vertical. This initiative leverages ONDCs open architecture to facilitate seamless discovery and access to financial products by connecting service providers with end users. Protean eGov Technologies Limited has developed and launched an Open Finance stack on the ONDC network, enabling the discovery and distribution of financial products such as loans, insurance, and mutual funds. The platform integrates with the Account Aggregator framework, allowing secure and consent-based sharing of financial data to support informed decision-making.
To extend the reach of these services, Protean is actively collaborating with distribution partners to provide last- mile, assisted access to financial products. <
Agriculture
The Ministry of Agricultures commitment to Agri Stack development represents a multi-hundred crore opportunity for technology partners with proven DPI expertise. Indias agriculture sector, employing 47% of the workforce, represents a massive digitization opportunity requiring unified digital infrastructure supporting farmer welfare and agricultural productivity.
In alignment with the Government of Indias vision to transform Indian agriculture through digital innovation, Protean has played a pivotal role in the design and implementation of the Central Agri Stack- an integral component of the India Digital Ecosystem of Agriculture (IDEA). This initiative is a cornerstone of the national strategy to build a unified, interoperable digital public infrastructure (DPI) for agriculture. Protean is entrusted with the development of the Central Agri Stack platform, which serves as the foundational layer for secure, scalable, and inclusive data exchange across the agricultural value chain. The work has focused on building mission-critical registries - namely the Farmer Registry, Geofenced Land Registry, and Crop Registry- enabling authenticated, Aadhaar-linked farmer identities and digitized land and crop records. These registries form the backbone for a wide range of applications including agri-credit, insurance, input distribution, market access, and personalized advisory services.
As on FY 2024-25, the platform has facilitated the creation of over 4.85 crore unique Farmer IDs, geo-referenced more than 9.5 crore farm plots, and supported over 23 crore digital crop surveys across multiple states. In addition to registry development, Protean has been instrumental in enabling interoperability between state and central systems, ensuring seamless integration of fragmented datasets. This harmonization of agricultural data enables informed, data-driven policymaking and empowers a broad spectrum of stakeholders?€”including government bodies, financial institutions, agritech enterprises, and cooperatives?€”to deliver targeted, timely, and efficient services to farmers.
As part of the next phase of the Agri Stack initiative, the Company is actively engaged in strengthening core digital infrastructure to support secure and efficient delivery of agriculture-related services. This includes enhancing foundational modules such as farmer identity management, consent-based data sharing frameworks, registries, and digital workflows to enable seamless integration across government departments, agritech innovators, and financial institutions. These strategic efforts reinforce the Companys role as a key enabler of inclusive, scalable, and citizen-centric digital ecosystem at population scale.
Education and Skilling
In a rapidly evolving global economy, equipping Indias youth with essential skills is vital for the nations socioeconomic progress. Recognizing this need, Protean eGov Technologies Limited is at the forefront of managing digital platforms that bridge the education-to-employment gap, enhancing access to education and skill development for young Indians. Protean plays a foundational role in the development and ongoing management of two key digital platforms aimed at improving access to education and skilling in India:
a Vidyasaarathi - Bridging the Education Finance Gap:
Vidyasaarathi is a digital scholarship management platform developed by Protean to facilitate access to higher education for underprivileged students. The platform connects eligible learners with scholarships funded by leading corporates under their Corporate Social Responsibility (CSR) initiatives. Aligned with Section 135 and Schedule VII of the Companies Act, Vidyasaarathi offers corporates a compliant, transparent, and customisable solution to deploy CSR funds effectively towards education and skill development.
Since its inception, the platform has registered over 18 lakh students, with several prominent Indian companies disbursing scholarships through it. For corporates, Vidyasaarathi simplifies the end-to-end scholarship lifecycle, reduces administrative overhead, and ensures targeted fund utilization. For students, it provides critical financial support that enhances access to quality education and improves long-term employment prospects, thereby contributing to upward socio-economic mobility.
b ONEST - Open Network for Education and Skilling Transformation:
ONEST is a pioneering initiative aimed at transforming Indias fragmented education and skilling ecosystem into an open, decentralized, and interoperable digital network. Designed to democratize access to learning opportunities, ONEST connects learners with a wide array of courses, training programmes, and scholarships through a unified digital infrastructure.
Protean serves as the technology backbone and knowledge partner for ONEST, enabling seamless integration for education and skilling providers across the country. The network is a collaborative effort involving ONDC (network facilitator), EkStep (network incubator), and FIDE (protocol partner), with Protean playing a central role in ensuring that learners regardless of geography or socio-economic background have equitable access to resources that support their career and livelihood aspirations.
Proteans 2 Key Initiatives
Vidyasaarathi
ONEST - Open Network for Education and Skilling ^^^^^ Transformation
Health
Indias healthcare digitization, driven by Ayushman Bharat Digital Mission (ABDM), represents significant growth opportunity. The governments commitment to universal health coverage through digital infrastructure creates sustained demand for interoperable health platforms, with over 88million Ayushman Bharat Health Account (ABHA) numbers issued and growing adoption across healthcare providers. The Ayushman Bharat Digital Mission (ABDM) is a landmark initiative aimed at delivering universal health coverage in a way that is efficient, accessible, inclusive, affordable, timely, and secure. It leverages open, interoperable, standards-based digital systems to enhance healthcare delivery while ensuring the confidentiality and privacy of personal health data. Indias healthcare ecosystem involves a wide range of stakeholders including central and state policymakers, medical professionals, regulatory bodies, private entities such as insurers, and providers like hospitals and pharmacies. ABDM introduces comprehensive registries for healthcare professionals, service providers, allied services, and citizens while, creating unique verifiable digital identities across the system.
Built on open protocols with "privacy by design" at its core, ABDM envisions a robust digital platform that integrates data, infrastructure, and services to standardize and streamline healthcare delivery nationwide fostering inclusion and scalability.
A key feature of this initiative is the Ayushman Bharat Health Account (ABHA) number, which standardizes individual identification across health services. By enabling consent-based sharing of secure digital health records with hospitals, clinics, insurance companies, and other stakeholders, ABHA empowers citizens with seamless access to care. As on 31st July, 2025, over 88 million
ABHA numbers have been issued. The process requires an Aadhaar card or mobile number for eligibility, aligning with the nations vast base of 1.42 billion Aadhaar holders.
Proteans Role in Advancing Digital Healthcare in India:
Protean eGov Technologies Limited is actively contributing to the implementation of the Ayushman Bharat Digital Mission (ABDM), which aims to establish a unified digital health infrastructure across India. As part of this mission, the Company is leading the digitization of 400+ Aapla Dawakhana primary health clinics across Maharashtra. This initiative involves integrating digital health solutions to streamline clinical workflows, enhance operational efficiency, and improve access to healthcare services for citizens. By enabling digital record-keeping, patient management, and data interoperability, Protean is helping build a robust digital health ecosystem that aligns with ABDMs vision of inclusive, accessible, and technology- driven healthcare delivery.
Protean is one of just four companies empaneled by the National Health Authority for the global deployment of Co-WIN, Indias vaccination management platform. By promoting Co-WIN as a Digital Public Good, Protean aims to enable large-scale immunization efforts across countries for communicable diseases like polio and tuberculosis. To accelerate the adoption of digital health practices, Protean has developed an end-to-end Digital Health Platform tailored for healthcare providers. The solution supports nationwide enhancement of public health infrastructure and empowers policymakers with critical data insights for health monitoring and response planning.
With its wide-ranging healthcare initiatives, Protean is committed to closing gaps in healthcare delivery and accelerating Indias progress toward Universal Health Coverage. Leveraging its proven track record in national- scale projects like PAN card implementation, Protean is uniquely positioned to extend digital healthcare solutions to the grassroots level and serve as a transformative force in Indias healthcare ecosystem offering a scalable model for global adoption.
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Growth Drivers - ODEs
Government-backed digital initiatives and policies that promote ODE growth.
Improved digital literacy and internet access expands the user base for ODEs.
ODEs offer governments and businesses cost savings and efficiency gains, encouraging their expansion.
Demand for real-time, accurate data to inform
l decision-making processes fuels the growth of ODEs. J <
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Insurance
India is the fastest-growing and 10th-largest insurance market in the world and is well poised to become the 6th-largest by 2032. Insurance penetration in India has steadily increased from 2.7% at the turn of the millennium to 4.20% in 2020-22.
Pursuant to the Insurance Regulatory and Development Authority of India Regulations, 2024, Bima Sugam India Federation (BSIF) has been established as a not-for-profit company under Section 8 of the Companies Act, 2013. The primary objective of the Company is to establish, facilitate, develop, operate, and maintain the "Insurance Electronic Marketplace" as robust Digital Public Infrastructure with open standards and interoperable platforms, enabling seamless integration with various services. These include the purchase, sale, and servicing of insurance policies; settlement of claims; grievance redressal; and other related matters permitted under the Companys objectives. It is an industry-led initiative, with the Companys shareholding widely distributed among life insurers, general insurers, and health insurers.
Bima Sugam is poised to transform the insurance industry by serving as a comprehensive platform forall stakeholders?€”consumers, insurers, intermediaries, and agents. By fostering transparency, efficiency, and collaboration across the insurance value chain, it aims to drive technological innovation and make insurance more accessible. Ultimately, Bima Sugam seeks to universalize and democratize insurance, aligning with the ambitious "Vision of Insurance for All by 2047" and bridging the gap in insurance penetration.
Proteans Role in Bima Sugam
In June 2025, Protean secured a 100 crore mandate from the Bima Sugam India Federation?€”an initiative by the IRDAI to create a unified digital marketplace for insurance in India. This initiative will lay the foundation for a first- of-its-kind Insurance Digital Public Infrastructure (DPI) in the country. Under this mandate, Protean will develop, integrate, and maintain the Bima Sugam platform.
This achievement builds on Proteans legacy of delivering mission-critical national platforms and significantly expands its footprint into the insurance domain, underscoring its capabilities and commitment to large- scale, citizen-centric digital services.
Single account (golden ID) tomanage and service all policies
Personalized and unbiasedproduct listings
Expanded reach and visibilitythrough a digital footprint
Access to tools that drivesales conversion
Real-time data and analytics todrive customer acquisition
Improved agent and customerservicing
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CLOUD & INFOSEC
Protean remains committed to building a connected digital future for India through its suite of cloud-based solutions. The Company has developed an open- source cloud platform that is certified by the Ministry of Electronics and Information Technology (MeitY), making it eligible to participate in government-led digital initiatives. This positions Protean among the few Indian players with government-certified cloud infrastructure, providing significant competitive advantage in the sovereign cloud segment. This platform is designed to be highly energy- efficient and incorporates patented green technologies through strategic partnerships with energy conservation innovators. Proteans cloud infrastructure supports large-scale e-governance and enterprise applications, offering secure, scalable, and sustainable services across multiple sectors.
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Proteans cloud solutions serve a wide range of industries, including:
| o o | E-commerce |
| Aggregator platforms | |
| SaaS providers | |
| /% A Y | Manufacturing |
Government and Public sector organisations
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Competitive Advantages:
?€” Certifications: MEITY, PCI-DSS, SOC 1, SOC 2, SOC 3, ISO, HIPPA
Quantum Safe Data Vault: The sole Made in India Quantum Safe Data Vault, uniquely integrated with digital services like eSign
Key Target Sectors: BFSI, Health, Public Sector, Independent Software, Vendor (ISV)
Ease of use: Does not require expensive cloud-certified professionals; Can be managed by resources already familiar with traditional on-prem technologies
Lower TCO: Open-source platform providing cost advantage versus proprietary alternatives
Data Sovereignty: "Made in India" solution ensuring compliance with government requirements
Energy Efficiency: Patented green technologies reducing operational costs
Proven Scale: Managing millions of EPS per year with national-scale security expertise
With features such as live migration, performance dashboards, and customizable resource configurations, the platform is designed to meet the needs of startups, small businesses, and mid-market enterprises seeking flexible and scalable infrastructure.
The Companys core offerings include:
Infrastructure as a Service (IaaS):
Protean provides secure, scalable, and customizable virtual infrastructure-including computing power, storage, and networking-hosted on its MeitY-certified cloud platform. This enables clients to deploy and manage applications without investing in physical hardware, ensuring agility and cost-efficiency.
Storage as a Service (StaaS):
Protean offers cloud-based storage solutions-block, object, and file storage-that allow organizations to manage growing volumes of data with flexibility and reliability. These services are designed for seamless integration with enterprise applications and ensure high availability and data durability.
Desktop as a Service (DaaS) & Virtual Office:
Protean delivers cloud-hosted virtual desktops preconfigured with Windows OS, Microsoft Office, and enterprise-grade security. These solutions are ideal for distributed teams and government organizations requiring secure remote access capabilities, enabling secure remote access, centralized control, and simplified IT management for both public and private sector clients.
Security Architecture:
Protean implements a multi-layered security framework across its cloud infrastructure, integrating advanced threat detection and response systems such as Security Information and Event Management (SIEM). With ISO 22301, 27001, PCI-DSS, and HIPAA certifications, Protean provides enterprise-grade security with "Make <
in India" solutions proven at national scale. This ensures comprehensive protection at the data, application, and network levels.
Managed Security Services:
Protean provides end-to-end management of IT environments, including operating systems, middleware, and security configurations. These services help clients maintain compliance, reduce operational risk, and ensure the reliability of mission-critical applications. The companys managed Security Operation Center provides 24/7 monitoring with in-house security experts and national-scale experience.
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Growth Drivers - Cloud and Infosec
Accelerated digital adoption across key sectors (finance, healthcare, manufacturing, government)
Ongoing national programs like Digital India, e-governance, and data localization mandates
The rise of AI, analytics, edge computing, and pay-as- you-go models
Increased public and private sector cloud investments, including major expansions from global players and Indian IT firms
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| TARGET SECTORS AND COMPETITIVE ADVANTAGES: | ||
| BFSI Proteans Edge Market Opportunity Regulatory compliance Digital banking expertise, data transformation, sovereignty fintech growth | Healthcare Proteans Edge Market Opportunity ABDM integration Hospital digitization, capabilities, HIPAA telemedicine compliance platforms | |
| Government Proteans Edge | Market Opportunity | Enterprise Proteans Edge | Market Opportunity |
| MeitY certification, | Digital governance, | Cost-effective open- | Digital transformation, |
| proven national-scale | citizen service | source platform, | hybrid cloud |
| delivery V | platforms | Indian ownership | adoption |
Data Stack
Indias data ecosystem is experiencing unprecedented growth driven by regulatory compliance requirements, AI integration demand, API economy expansion, and financial inclusion initiatives requiring data-driven lending solutions. The convergence of AI, block-chain, and regulatory technology creates significant opportunities for comprehensive data stack solutions.
Protean e-Gov Technologies Limited continues to advance its mission of building a robust, inclusive, and digitally empowered data ecosystem through a comprehensive suite of technology-driven platforms and solutions. The Companys services are designed to address critical needs across identity management, financial inclusion, digital documentation, and data interoperability, supporting both public and private sector transformation. Proteans Data Stack is a modular suite of platforms and tools that leverage artificial intelligence (AI), block-chain, API integration, and digital authentication. This ecosystem supports informed decision-making and agile operations in areas such as lending, identity verification, and digital documentation, while reinforcing the Companys core identity solutions business.
RISE with Protean:
RISE with Protean is the Companys proprietary API marketplace designed to simplify the discovery and integration of digital assets. With over 300 APIs and services available, the platform serves diverse industries including
BFSI, healthcare, education, agriculture, and e-commerce. It offers sandbox environments for testing and fosters innovation by enabling enterprises to upscale their digital capabilities efficiently. The platform provides competitive advantage through comprehensive API portfolio leveraging Proteans core identity and infrastructure services versus fragmented point solutions. The platform is designed as a multi-sectoral solution, enabling seamless application across a wide range of industries, including finance, healthcare, e-commerce and beyond.
AI-Enabled CKYC:
Proteans AI-powered Central KYC solution streamlines customer onboarding by providing verified, pre-filled KYC data through API access. Built on the CERSAI infrastructure, the solution reduces redundancy and enhances operational efficiency. In recognition of its technological leadership, Protean was awarded a 161 crore mandate by CERSAI to develop CKYCRR 2.0, the next-generation Central KYC Records Registry. This significant contract value demonstrates market validation with ongoing annuity potential as CKYC adoption expands across the BFSI sector.
eSignPro:
Launched in July 2024, eSignPro is a flagship digital documentation suite that integrates eSign, eStamping, and workflow automation. Accessible via WhatsApp, SMS, and email, it enables seamless execution of contracts and KYC processes across multiple sectors like BFSI, real estate, healthcare, education, HR etc. eSignPro significantly improves turnaround times, cost-efficiency, and compliance. This represents Proteans entry into the growing digital documentation market with multi-channel accessibility differentiating from competitors.
Account Aggregator (AA):
As an RBI-licensed Account Aggregator, Protean facilitates secure, consent-based financial data sharing across institutions. The AA framework supports data-driven lending and personalized financial services, contributing to greater financial access and inclusion. This positions Protean to capitalize on the growing open banking and digital lending market requiring secure financial data exchange.
ProteanX - Digitally Verifiable Credentials:
ProteanX addresses the growing need for secure and privacy-preserving digital identity verification. Using block-chain technology, it enables the issuance and verification of tamper-proof digital credentials such as identity documents, educational qualifications, and employment records. The platform aligns with
Digital Public Infrastructure (DPI) standards, ensuring compliance, interoperability, and trust. This self-sovereign identity platform addresses growing demand for verifiable digital credentials across education, employment, and government services sectors.
Growth Drivers - Data Stack ^
?€” AI adoption in public services is driving demand for data stacks that enable real-time processing, ML pipelines, and semantic models.
Cloud-native and edge computing adoption is boosting demand for modular, containerized data stack components.
Programs like Digital India and Gati Shakti require unified platforms, driving growth in data lakes and warehouses.
Rising focus on data localization and citizen data protection is creating demand for secure, compliant data stack solutions.
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International Expansion - Protean International
Protean is taking India Stack global via Protean International DMCC, with active mandates in Morocco and Ethiopia and pilots across Africa, MENA, and Southeast Asia. This represents significant growth opportunity as countries seek to replicate Indias DPI success.
DPI Components for International Market:
Foundation ID: Open source digital identity systems for population-scale implementation
ITAS (Integrated Tax Administration System): Complete tax infrastructure solutions
E-KYC and E-Sign: Digital onboarding and AML compliance systems
Open Digital Ecosystem - E-commerce, Mobility, Agriculture, Health and Education
Pension and Social Security: NPS-based social security systems
Target Geographies
^ South East Asia ^ Middle East ?– / Africa eKYC
Financial Performance Overview
Consolidated Profit and Loss Highlights
| ( in crore) Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Total Income | 909 | 950 | 784 |
| Expenditure | 790 | 822 | 643 |
| Depreciation and amortization expense | 28 | 27 | 18 |
| Profit before Tax | 118 | 128 | 140 |
| Profit after Tax | 92 | 97 | 107 |
| Net Worth | 999 | 926 | 857 |
| Earnings Per Share | |||
| Basic (?) | 22.83 | 24.06 | 26.50 |
| Diluted (?) | 22.65 | 23.94 | 26.48 |
| Dividend paid/ proposed (%) (Face Value - ?10 per equity share) | 100% | 100% | 100% |
During FY 2024-25, Revenue from operations stood at 841 crore as compared to 882 crore in FY 2023-24. The Profit After Tax (PAT) during the year was 92 crore as compared to 97 crore during the previous year. The company has made provision for Tax of 26 crore (Current Year Tax). No amount is proposed to be transferred to reserves.
Revenue
In FY25, Protean recorded revenue from operations of 841 crore, reflecting a 5% year-on-year reduction from 882 crore. The decline primarily stemmed from overall reduction in the PAN issuance and an unusually high-volume base in identity services during the prior fiscal year. Despite this, underlying business fundamentals remained strong, with CRA services delivering robust double-digit growth of 12% and other segments expanding steadily at 9.5%.
Expenses
The total expenses (including depreciation and amortization expenses of the company stood at 790 crore in FY 2024-25 as compared to 822 crore in 2023-24, registering a y-o-y decrease of -3.8%. The overall decline in expenses was primarily driven by a reduction in processing charges, owing to a higher proportion of applications being processed through online channels. However, other expenses saw a sharp increase due to higher marketing spend aimed at strengthening brand visibility and reinforcing Proteans role in the Digital Public Infrastructure ecosystem. Additionally, accelerated amortization and impairment of certain intangible assets based on conservative cash flow assumptions contributed to the increase. RFP-related costs, recorded under system support and maintenance, also added to the rise.
Profitability Profit Before Tax
In FY 2024-25, the company recorded a profit before tax of approximately 118 crore, compared to 128 crore in 2023-24, reflecting a year-on-year decline of around -7.4%. This reduction is mainly attributed to substantial investments towards the development of new business segments
Profit After Tax
The companys profit after tax stood at 92 crore in FY 2024-25 as compared to 97 crore in FY 2023-24.
Dividend
The Board of Directors has proposed a final dividend of 10 per equity share (on a face value of 10 each) for the financial year 2024-25, subject to shareholder approval. This proposed 100% dividend translates to an estimated cash outflow of 40.5 crore, reflecting a complete payout on face value and roughly 40% of Profit After Tax (PAT).
Consolidated Balance Sheet Highlights Assets
| ( in crore) Particulars | FY 2024-25 | FY 2023-24 | YoY Change (%) |
| Tangible Assets | 47 | 45 | 6.1 |
| Right-of-use & intangible assets | 106 | 41 | 155.5 |
| Financial assets | 616 | 591 | 4.2 |
| Other non-current assets | 67 | 71 | -6.8 |
| Total non-current assets | 836 | 748 | 11.6 |
| Trade receivable | 144 | 189 | -23.9 |
| Cash and Bank | 136 | 151 | -9.6 |
| Other financial and current assets | 191 | 97 | 97.2 |
| Total current assets | 471 | 437 | 7.8 |
| Assets held for sale | - | - | - |
| Total assets | 1,307 | 1,185 | 10.2 |
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Non-Current Assets Tangible Assets
The tangible assets of the Company have increased by 6.1% from 45 crore in FY24 to 47 crore in FY25. This growth is attributed to shifts in the value of fixed and tangible assets, alongside the absence of significant capital expenditure during the year.
Right of Use & Intangible Assets
The Right of Use and Intangible Assets of the Company have increased by 155.5% from 41 crore in FY24 to 106 crore in FY25. This sharp increase is primarily driven by higher utilization and development of such assets, reflecting the expansion of business operations.
ii Current Assets Trade Receivables
The trade receivables of the Company decreased by 23.9% from 189 crore in FY24 to 144 crore in FY25. This is linked to the improved recovery and collection policy.
Equity and Liabilities
| ( in crore) Particulars | FY 2024-25 | FY 2023-24 | YoY Change (%) |
| Shareholders equity | 999 | 926 | 7.9% |
| Lease liabilities | 60 | 12 | 395.5% |
| Other non-current liabilities | 22 | 23 | -7.2% |
| Total non-current liabilities | 82 | 35 | 130.8% |
| Trade payables | 103 | 120 | -13.8% |
| Lease liabilities | 8 | 9 | -3.6% |
| Other current liabilities | 114 | 95 | 20.0% |
| Total current liabilities | 226 | 224 | 1.0% |
| Total liabilities | 308 | 259 | 18.7% |
| Total equity and liabilities | 1,307 | 1,185 | 10.2% |
Non-Current Liabilities Lease Liabilities
The non-current lease liabilities of the Company increased by 395.5% from 12 crore in FY24 to 60 crore in FY25. This is linked to the increased long-term lease secures and renewals.
Current Liabilities Trade Payables
The trade payables of the Company decreased by -13.8% from 120 crore in FY24 to 103 crore in FY25. This is largely linked to the reduced quantity of credit purchases from vendors.
Lease Liabilities
The lease liabilities of the Company decreased by -3.6% from 9 crore in FY24 to 8 crore in FY25. This is largely linked to the increased short-term lease secures and renewals.
Key Financial Ratios
| Particulars | FY 2024-25 | FY 2023-24 | YoY Change (%) |
| Revenue growth (%) | -4.7% | 18.8% | -2,353bps |
| Net Profit Margin (%) | 10.2% | 10.2% | 0 |
| Operating Profit Margin (%) | 17.7% | 17.8% | -13bps |
| Basic EPS (?) | 22.83 | 24.06 | -5.1% |
| ROCE | 11.2% | 13.3% | -210bps |
| Debtors Turnover Ratio (days) | 72 | 82 | -12.2% |
| Current Ratio (x) | 2.08 | 1.95 | 6.8% |
| Return on Net Worth (%) | 9.3% | 10.5% | -125bps |
| Inventory Turnover Ratio | N/A | N/A | N/A |
| Interest Coverage Ratio | N/A | N/A | N/A |
| Debt Equity Ratio | N/A | N/A | N/A |
Revenue de-grew by -4.7% in FY24, mainly due to overall reduction in PAN volumes and an unusually high-volume base in identity services during the prior fiscal year. Despite this we continue to gain market share and No. of transactions in Tax and Identity services respectively. While CRA services delivered robust double-digit growth of 12% and other segments expanding steadily at 9.5%
Net Profit Margin stood at 10.2% vs. 10.2% in FY24
Basic EPS fell from 24.06 in FY24 to 22.83 in FY25.
Return on Capital Employed (ROCE) decreased to 11.2% from 13.3% due to investment in setting up new businesses.
Days sales outstanding (DSO) improved to 72 days from 82 days with clearance of past receivables.
Current Ratio improved to 2.08, up 6.8% from 1.95 in FY24, due to decreased trade payables and increased cash/financial assets.
Return on Net Worth (RONW) decreased to 9.3% from 10.5% on account of reduced net income. <
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(ONDC), health, agriculture, education, and sustainability. Over the year, the company achieved several strategic milestones that reinforced its position as a leading enabler of digital public infrastructure. To drive large-scale digital transformation, the companys value added products such as RISE with Protean, eSignPro (comprehensive digital documentation suite), AI Powered CKYC and Protean X (digitally verifiable credentials) continue to power the customers.
Key wins and Launches include: -
CERSAI CKYCRR 2.0 Mandate - Launched in 2016, the Central KYC Records Registry (CKYCR) was an ambitious initiative backed by all four key financial regulators?€”RBI, SEBI, IRDAI, and PFRDA. It aimed to revolutionize customer onboarding by creating a centralized KYC database to streamline compliance and efficiency across financial institutions. Today, this database has over 94 crore KYC records, underscoring its transformative impact on Indias financial ecosystem.
Protean has secured a prestigious 161 crore mandate from CERSAI, a Government of India undertaking, to develop CKYCRR 2.0?€”the upgraded Central KYC Records Registry. Proteans superior technology solutioning, incorporating cutting-edge emerging technologies, was instrumental in winning this mandate. This project reaffirms Proteans leadership in driving digital transformation and its commitment to empowering Indias BFSI sector with innovative, future-ready solutions.
Agristack - Protean received the mandate to build the Central Agristack from the Government of India in March 2023 and May 2025 for phase 1 and phase 2 respectively. The Agri stack establishes a robust framework for seamless data exchange between farmers, government bodies, and private entities. This stack is being created as a Digital Public Infrastructure (DPI) designed to revolutionize data management and information sharing within the Indian agricultural sector leading to enablement of multiple use cases supporting Agri lending, Agri marketplaces, insurance and advisory.
Bima Sugam Mandate - In June 2025, Protean secured a 100 crore mandate from Bima Sugam India Federation, an initiative by IRDAI to create a unified digital marketplace for insurance in India. This initiative will pave the foundation for a first of its kind Insurance DPI for the country. The company has received the mandate to develop, integrate, and maintain the Bima Sugam platform. This win builds on the legacy of delivering mission-critical national platforms and significantly expands Proteans footprint into the insurance domain, underscoring its capabilities and commitment to large-scale, citizen-centric digital services.
Protean X (Digitally verifiable credentials) -
ProteanX is a future-ready solution, enabling individuals and organizations to create, verify and store credentials using blockchain-based technology. Protean X enables a secure and tamper-proof digital record of ones Identity, documents, certificates and qualifications issued by a trusted source such as university, employer, government etc. on a distributed ledger.
E LaunchofProteanX(DigitaMyverifiableCredentials)
- a capital comprehensive digital documentation suite. It is a state-of the-art digital signature and stamping product, designed to cater to multiple sectors like BFSI, Real Estate, Healthcare, Education and Corporates by completely digitalising documents like customer onboarding (Bank Accounts, Insurance Issuance, Demat & Mutual Funds), legal agreements (loans, lease, service), student certificates & records, invoices, patient consent forms and medical records etc. at a fraction of the cost.
F Launch of ONDC Buyer Tech on OTT - Prasar Bharatis, Indias state owned public broadcaster recently forayed in the OTT space with the launch of WAVES App. Taking a differentiated approach, WAVES not only brings the best of Indias entertainment and culture, it also allows you to shop while you stream. Protean is powering this revolutionary breakthrough in the OTT space with an ONDC enabled e-commerce experience. This innovation creates a new breakout category in the OTT space, redefining engagement and convenience.
G International Business Wins - Protean reinforced its commitment to taking India Stack global by establishing Protean International, a 100% subsidiary at DMCC, UAE, to manage international business operations. Building on Indias success with Digital Public Infrastructure, Protean further expanded its thought leadership by conceptualizing the "DPI-in-a-Box" approach for global markets. DPI in a Box is a customizable, open-source playbook of digital building blocks that countries can use to rapidly build foundational digital systems including digital ID, payments, consent-based data sharing, tax and Central Recordkeeping Agency services. The company deployed a first-of-its-kind Education DPI in Morocco, leveraging this concept, marking our first win in the international markets. It further expanded its international footprint with a win in Ethiopia in the Health sector.
Other Highlights in 2025
Listing on the National Stock Exchange (NSE) in February 2025- Protean got listed on the National Stock Exchange in Feb 2025, marking a significant milestone in its journey. The listing opens avenues for broader investor reach, enhanced visibility and access to different investor segments.
Protean On boarded Pankaj Tripathi as its brand ambassador - To enhance brand visibility and reinforce Proteans positioning in the Digital Public Infrastructure ecosystem, the company launched a 360° marketing campaign titled Apni Kahani Ka Hero to showcase how DPI can elevate the lives of citizens. This digital first campaign encompassed multiple video assets, which recorded over 35 million+ views, reaching over 15 million+ users across key B2B, B2C and B2G audiences. This was accompanied with high-visibility placements in prominent publications, social media platforms and outdoor media.
The campaign is a tribute to 1.45 billion heroes, who overcome numerous obstacles to fulfil their dreams making them heroes of their own life. With Pankaj at the forefront, Protean aims to inspire trust and adoption, bridging the gap between robust digital solutions and relatable narrative that enhances ease of living for people.
Company Outlook
FY25 has been a year of resilience and progress, highlighted by steady performance, new product launches, and strategic wins. The company achieved significant market share growth in its Tax Services vertical, while Central Recordkeeping Agency Services maintained strong momentum, delivering robust double-digit growth for the year. It secured mission-critical population-scale mandates contributing to the next phase of Agristack, strengthening the Central KYC stack, and developing a national BUDS (Banning of Unregulated Deposit Schemes) registry for CERSAI.
Looking forward, Protean is well-positioned to scale its impact in Indias digital transformation journey through a focused strategy built around inclusive innovation. With its diversified portfolio strength, strong customer base and continued focus on innovation the company is committed to delivering long-term value to all our stakeholders. The company remains focused on enhancing service delivery, expanding digital infrastructure capabilities, and unlocking new value levers across its core and emerging business segments.
The company is driving growth by expanding next-gen digital products which enable seamless access to financial services, welfare initiatives, and pension schemes boosting both inclusion and recurring revenues. Additionally, brand presence has been amplified by the widely successful Apni Kahani Ka Hero campaign with Pankaj Tripathi, which has elevated trust and engagement across B2B, B2C, and B2G segments.
Protean is uniquely positioned to lead the next wave of transformative public infrastructure both in India and across emerging economies. With the launch of "DPI in a Box", a concept pioneered by Protean, the company is now taking Indias proven digital public goods to the world, enabling governments to adopt modular, secure, and interoperable platforms for identity, payments, health, agriculture, pensions, and more. The strong interest from Southeast Asia, Africa, and the Middle East underscores a growing demand for Indias DPI architecture as a model for inclusive growth. Domestically, Protean will continue to drive policy-aligned innovation in social security, student financing, and digital governance shaping solutions that are not only technology-first, but also citizen-first.
Proteans strategy is to embed Agentic AI across all layers- learning systems that operate with context awareness, decision making ability, and adaptive execution. These autonomous actors will become the operational backbone, delivering real time, hyper-personalized experiences at scale.
Backed by deep institutional trust, a rich implementation legacy, and future-ready capabilities like GenAI advisory engines and data governance frameworks, Protean aims to be at the core of the shift from static infrastructure to living, intelligent systems- systems that never sleep, never falter, and never stop learning powering Viksit Bharat and digitally empowered nations worldwide.
HUMAN RESOURCES
Proteans human capital strategy continues to evolve in alignment with the Companys purpose-led growth agenda and the shifting dynamics of the digital public infrastructure landscape. During FY 2024-25, Protean focused on building workforce resilience through agile practices, deepening employee engagement, enhancing inclusivity, and accelerating digital skilling across levels. Protean continued to strengthen its hybrid working model and accelerated the digitization of key human resource processes, enhancing collaboration and flexibility across <
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business units. The Company remained focused on building a future-ready workforce, with the FutureFIT programme continuing to demonstrate its effectiveness through strong retention of onboarded graduates. This reflects Proteans commitment to nurturing a skilled and aligned talent pipeline that supports its long-term strategic vision. Protean also sustained its structured lateral hiring approach, ensuring domain expertise across technology, operations, legal, and finance verticals.
A critical milestone during the year was the completion of a role and level-wise job mapping exercise to bring consistency and transparency into compensation structures. This initiative was complemented by the Companys digitized performance management system, which now enables 100% KPI tracking and performance reviews. Stakeholder trainings and leadership validations helped in reinforcing alignment between individual performance and organisational outcomes, fostering a culture of excellence and accountability. Diversity, equity, and inclusion remained integral to Proteans people agenda. As of March 2025, women represented 25% of the overall workforce and 25% of the Board. The Company continued to drive inclusive hiring, promoted accessibility through infrastructure upgrades, and strengthened its policy architecture with provisions such as paternity leave and flexible volunteering options. Proteans workforce spans a wide age and experience range, with representation across early-career professionals and senior domain specialists - fostering a healthy balance of agility and institutional knowledge. Educational diversity, particularly from non-IT fields such as finance, law, and design, also enriches Proteans collaborative problem-solving culture. Attrition for the year stood at 11.10%, below industry averages, reflecting the effectiveness of a structured retention framework. The Company implemented CXO- guided interventions to proactively address exit risks, identify high-potential talent, and reinforce employee engagement through enhanced career visibility, internal mobility, and recognition mechanisms.
Employee well-being remained a cornerstone of Proteans workforce strategy. All permanent employees continued to be covered under Group Medical, Personal Accident, and Term Life insurance policies, with no safety incidents reported during the year. The Company strengthened its emotional wellness offerings through expert-led webinars promoting mental wellbeing, building psychological safety and resilience. Protean recorded an improvement in its Employee Engagement Survey score - rising from 66% to 69% - driven by focused initiatives to promote feedback, inclusion, and belonging. Survey insights were supplemented by periodic pulse checks and Focus Group Discussions, allowing the Company to remain responsive to emerging expectations. Engagement efforts were further supported through cultural celebrations, team offsites, and recognition platforms designed to foster a collaborative and energised workplace.
On the learning and development front, in FY 2024-25, Protean delivered an average of 31.4 training hours per employee, underscoring its commitment to continuous learning and future readiness. Alongside functional and compliance programs, we prioritized AI skilling and digital capability building, launching the AI Readiness Program (AI 101) to build foundational AI awareness across teams. Through strategic partnerships with Google (Skill Boost) and Microsoft Learn the company introduced programs on emerging technologies. The learning portfolio spanned across health & safety, capability enhancement, regulatory compliance and leadership behaviours, reflecting a holistic approach to employee development. The Learning & Organization Development (L&OD) function follows a structured, collaborative model, identifying needs via performance appraisals, leadership input, and evolving business priorities. A pool of pre-vetted partners and an annual learning calendar drive targeted technical, functional, and behavioural upskilling. To promote accessibility and self-led growth, Protean rolled out Udemy for Business, offering on-demand professional and technical courses. The cybersecurity team at protean earned ISMS Lead Implementer certifications, reinforcing governance and security standards.
Looking ahead, Protean remains committed to strengthening its Employee Value Proposition across opportunity, well-being, inclusion, and engagement. The Company will continue to invest in AI-readiness, HR digitisation, and leadership development, ensuring that its workforce remains future-ready, purpose-aligned, and anchored in Proteans long-standing ethos of nationbuilding through innovation.
SWOT ANALYSIS
Strengths
Established leadership in Indias Digital Public Infrastructure with over three decades of experience and multiple mission-critical projects delivered.
Robust and diversified portfolio spanning across Tax services, CRA Services, identity services, open digital ecosystems, cloud & Infosec, and Data Stack.
Strong market position with dominant market shares in PAN issuance, CRA Services and ID services.
Experienced population scale delivery through extensive and inclusive distribution network ensuring nationwide accessibility, including PAN/TIN facilitation centers.
Deep technological capabilities integrating AI, blockchain, and cloud infrastructure, along with comprehensive regulatory compliance and cybersecurity readiness.
Growing international presence through, leveraging India Stack expertise in regions such as Africa, Southeast Asia, and the Middle East.
Dedicated human capital with focus on digital skilling, employee engagement, and diversity fostering innovation and operational excellence.
Weaknesses
Opportunities
Threats
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RISK MANAGEMENT
The Company has a comprehensive and board-approved enterprise Risk Management Policy that underpins a structured governance framework. This framework encompasses a multi-tiered risk governance structure, a formalized risk assessment process, and robust monitoring mechanisms to ensure proactive and effective risk management across the organization. The Companys risk governance model integrates both top-down and bottom-up approaches to risk ownership. This enables leadership to make informed strategic decisions while fostering decentralized accountability at the business unit level. A senior-level Risk Management Steering Committee, supported by an Enterprise Risk Management (ERM) team, function-specific Risk Champions, and CXOs, collectively drive risk mitigation efforts across their respective domains.
An Enterprise Risk Register is maintained to monitor and manage identified risk exposures. In the event of any breaches, mitigation plans are formulated and escalated to the Board through the Risk Management Committee. This Committee plays a pivotal role in overseeing the Companys risk management framework, including emerging risks such as cybersecurity and regulatory changes, and meets periodically to review and approve associated practices. The third line of defense is provided by the Internal Audit function, which independently evaluates the design and effectiveness of risk controls and mitigation strategies. Key observations are reported to the Audit Committee, ensuring transparency and continuous improvement. To embed a risk-aware culture, the Company conducts regular training sessions for Risk Owners, Champions, and Coordinators. Additionally, newsletters covering diverse aspects of ERM are circulated to enhance awareness and internal capabilities.
Protean adopts proactive measures such as horizon scanning, risk indicator tracking, and stakeholder engagement to anticipate challenges and enable coordinated responses. The integration of control indicators and early warning systems further strengthens the Companys ability to detect and respond to risks in a timely manner. This structured and dynamic approach to risk governance supports Protean commitment to sustainable growth, operational resilience
CYBERSECURITY
Cybersecurity remains a foundational pillar of Protean eGov Technologies Limiteds role as a trusted architect of Indias national digital infrastructure. With the growing adoption of digital services across key sectors such as finance, healthcare, and governance, ensuring systems are secure, compliant, and resilient has become a strategic necessity. The Company has instituted a comprehensive Cybersecurity Policy that provides structured guidelines for safe digital practices, threat mitigation, and breach response. This policy is supported by a formal cybersecurity governance framework, which includes oversight from internal committees and alignment with enterprise-wide risk management protocols. Key governance stakeholders include the Chief Information Security Officer (CISO), Chief Risk and Compliance Officer (CRCO), Chief Information Officer (CIO), Chief Data Officer (CDO), and vertical-specific teams responsible for digital security and compliance. Protean operates a dedicated Security Operations Center (SOC) for 24x7 monitoring and detection of cybersecurity incidents. Alerts are investigated, classified, and prioritized for remediation. Forensic analysis plays a crucial role in both investigating and preventing security breaches. Our robust system architecture is designed to incorporate threat intelligence and indicators of compromise. Additionally, the classification of events is managed with severity-based remediation timelines to ensure prompt and effective responses.
Proteans cybersecurity strategy is built on a defense- in-depth model, with a gradual implementation of Zero Trust principles, particularly in identity management and network segmentation. The Company conducts Vulnerability Assessment and Penetration Testing (VAPT) three times a year to meet regulatory requirements and maintains continuous compliance monitoring processes. To strengthen digital resilience, Protean continues to invest in next-generation technologies, including:
AI-powered fraud detection systems
Multilayered encryption protocols
Cloud-based security tools
AI-driven threat detection and anomaly monitoring
Regular training and awareness programs are conducted to promote cyber hygiene among employees, covering topics such as phishing risks and secure system usage. Proteans cybersecurity posture is strengthened by adherence to international standards, including ISO 27001:2022 (Information Security Management Systems), ISO 20000 (IT Service Management), and ISO 9001:2015 (Quality Management), affirming its capability to manage high-volume digital transactions with integrity and operational excellence.
In response to the Digital Personal Data Protection Act, 2023 and global frameworks such as the General Data Protection Regulation (GDPR), Protean is actively aligning its cybersecurity and data protection measures with evolving statutory and customer expectations. As
a provider of critical digital public infrastructure with nationwide coverage, the Company remains committed to building secure, AI-enabled digital ecosystems that support Indias Industry 4.0 aspirations while upholding the highest standards of data privacy and resilience.
Gen AI Synergies: Building for the Future
The Company has continued to reinforce its leadership in digital public infrastructure through strategic investments in emerging technologies, including Artificial Intelligence (AI), Machine Learning (ML), and Blockchain. These investments are aimed at enhancing digital service delivery across key sectors such as identity management, finance, transportation, education, agriculture, and healthcare. During the year, the Company advanced its AI initiatives by developing natural language search tools for e-commerce platforms, aligned with the Open Network for Digital Commerce (ONDC). These tools are designed to improve user experience and accessibility, enabling more intuitive interactions within digital marketplaces.
In the area of digital identity, Protean has integrated AI to streamline verification processes, mitigate fraud risks, and empower citizens to manage their digital identities securely. The Company is also exploring biometric authentication to further strengthen identity verification systems. Additionally, a blockchain-based platform for verifiable credentials is under development, aimed at ensuring data integrity, transparency, and security. AI is being embedded into open networks to facilitate intelligent data sharing among government agencies, thereby enhancing service delivery and enabling deeper citizen insights. In support of Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) objectives, Protean has deployed AI-driven recommendation systems to match corporates with suitable NGOs and projects, improving alignment and impact.
Investments in AI-driven eKYC and blockchain-based identity management systems have positioned the Company to benefit from the broader industry shift toward automation and operational efficiency. The Company is strategically investing in high-impact products and modernizing its core technologies to enhance scalability, accelerate delivery, and drive sustained innovation - reinforcing its leadership as a Gen AI pioneer and a key enabler of AI-driven public infrastructure.
ESG VISION
ESG vision is rooted in the belief that digital public infrastructure must be inclusive, sustainable, and resilient. Proteans vision continues to reflect on fostering equitable access, empowering communities, and delivering long-termsocio-economic and environmental value to the people. Proteans ESG strategy is designed to align with national priorities and global sustainability goals, integrating environmental stewardship, social inclusion, and robust governance into the core of the Companys operations.
Environmental sustainability is achieved through a science- based Net Zero roadmap, transitioning to 98% renewable energy across our office premises, and embedding nature- based solutions in community programs. Social equity is driven by citizen-centric digital access, inclusive design, and livelihood creation through digital skilling and MSME enablement. Governance excellence is ensured through transparent reporting, impact-oriented leadership, and integration of ESG metrics into strategic decision-making. An empowered, diverse, and inclusive Board continues to prioritize stakeholder interests, reinforcing accountability and trust.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Protean e-Gov Technologies Limited has instituted a robust and well-structured internal control framework that is aligned with the nature and complexity of its digital public infrastructure initiatives, citizen-centric service delivery platforms, and data governance operations. This framework is designed to ensure the integrity of financial reporting, operational efficiency, and regulatory compliance, in alignment with the requirements of Section 134(5)(e) of the Companies Act, 2013. The internal control system encompasses comprehensive policies, standard operating procedures, and control manuals that guide day-to-day operations across all functions. These controls are periodically reviewed and updated to reflect evolving business needs and regulatory changes. Business and functional heads are accountable for maintaining effective controls within their respective domains, supported by periodic self-assessments and control testing.
The Company follows the three lines of defence model, wherein the first line comprises business and functional teams responsible for identifying and managing risks. The second line includes risk management and compliance functions that provide oversight. The third line consists of the independent internal audit function, which offers assurance and conducts reviews.
Internal audits are conducted across all locations and functions to assess the design and operating effectiveness of controls. The Audit Committee, comprising a majority of independent and professionally qualified Directors, defines the scope and authority of the Internal Auditor, who reports directly to the Chairperson of the Committee <
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to ensure independence and objectivity. The internal audit plan is developed annually in consultation with statutory auditors and approved by the Committee, with a focus on high-risk areas. Where necessary, third-party professionals are engaged for specialised assessments. Protean has also enhanced its use of technology to strengthen its control environment. Significant audit findings and recommendations are reviewed by the Audit Committee and acted upon by relevant process owners.
Based on the evaluation conducted during the year, the Board of Directors and the Audit Committee are of the opinion that the Companys internal financial controls are adequate and operating effectively, with no material weaknesses observed.
CODE OF ETHICS AND VIGIL MECHANISM
The Company is committed to conducting its business with integrity, transparency, and professionalism. The Company has adopted a Code of Ethics and Staff Rules that guide the conduct of Directors and employees.
In line with the Companies Act, 2013, the Company has established a Vigil Mechanism through its Whistle Blower Policy, enabling stakeholders to report concerns related to unethical behaviour, fraud, or violations of the Code. The mechanism ensures confidentiality, safeguards against victimization, and allows direct access to the Chairperson of the Audit Committee in appropriate cases.
CAUTIONARY STATEMENTS
In accordance with applicable securities laws and regulations, certain statements within the Management Discussion and Analysis section may be considered forward-looking statements relating to Proteans strategic objectives, plans, estimates, and expectations.
Protean undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results may differ materially from those expressed or implied due to various factors, including but not limited to economic developments within the country, industry- specific demand and supply conditions, fluctuations in prices, changes in government regulations and tax laws, litigation, and industrial relations.
Readers are advised not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. This discussion should be read in conjunction with Proteans consolidated financial statements and the accompanying notes included in this report.
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