The “substantial question of law” was to ascertain whether NPCI, whose majority shareholders are public sector banks, is a public authority financed or controlled by the Reserve Bank of India and the government. It is, however, registered as a non-profit.

On Wednesday, 9 October, in the seventh and final hearing in the case, NPCI’s Managing Director, Dilip Asbe, was present for the first time and argued about the nature of the company, its relationship with the RBI and why it should not be viewed as a public authority.