About Us

India Transact Services Ltd. (ITSL), subsidiary of AGS Transact Technologies Ltd. is an Omni-channel merchant digital payment solutions company that aims to consistently simplify the process of Transacting, Merchant Acquisition and Value Added Services.

Providing cutting-edge technology and innovative payment solutions to a fast-growing merchant base across India, ITSL offers a host of products and services including payment processing platform for routing commercial and retail payments between buyers and sellers across the country via a unique distribution model devised based portfolio. The company is also an independent Service organization providing services like distribution, merchant enrolment, training, activation, field support, transaction switching, network, reconciliation, settlement, and fraud & chargeback management. ITSL’s unique Value Added Services enables SMEs and merchants to run their own Loyalty Program through Prepaid and Reward Cards.

ITSL boasts of an esteemed clientele which includes leading names from Banking, Retail & Hospitality, Petroleum, Education and Transit sectors among others.

ITSL boasts of the fastest expanding network to comprising of more than 50+ banks, 250 business partners, 500+ employees and presence in more than 1100 cities. Offerings consist of a range of POS (point-of-sale) terminals equipped with latest technology to facilitate fast and secure payments in the store and on-the-go. The deviced-based portfolio comprises of POS terminals including digital POS, GPRS & PSTN as well as Integrated POS solutions. In addition to terminals, ITSL also caters to device-less Solutions such as Payment Gateway, Enabling Bharat QR transaction, BHIM/UPI payments and value added services comprising of Loyalty Cards – Rewards & Prepaid, Cash@POS and others.


Digitally Enabling & Simplifying Lives by creating a complete Payment Ecosystem


To be a full spectrum Merchant Services company via:

  • Technology-enabled Innovative value added solutions in:
    • Payments
    • Loyalty
    • Revenue Generation
  • Financial Inclusion through disruptive Distribution Models
  • Catering to all Consumer Transaction Needs

Board Of Directors


Mr. Ravi B. Goyal

Chairman & Managing Director

Mr. Ravi B. Goyal is the Chairman and Managing Director of India Transact Services. He is also the Chairman & Managing Director of its Holding Company i.e. AGS Transact Technologies Limited. Mr. Goyal is responsible for the management of the overall operations of India Transact Services, the Holding Company and all its subsidiaries.
He holds a Bachelor of Engineering degree from the Mumbai University. Mr. Goyal has over 23 years of experience in the field of technology. He has previously worked with DCM Data Systems Limited and Byte Systems Private Limited. Prior to establishing our Holding Company, he established Advanced Graphic Systems, a proprietary concern, to market computer-aided textile designing software.

Mr. Badrinarain K. Goyal

Non-Independent, Non-Executive Director

Mr. Badrinarain K. Goyal is a non-independent, non-executive Director. He was appointed as a Director on July 27, 2018. He graduated in Physics from the Mumbai University. Mr. Goyal also holds a diploma in radio engineering. He has 50 years of experience in various fields of electronics such as industrial, medicals, noise and vibrations. He currently runs his own proprietorship firm, Goyal Electronics Industries.


Mrs. Anupama R Goyal

Non-Independent, Non-Executive Director

Mrs. Anupama R. Goyal is a non-independent, non-executive Director. She was appointed as a Director on July 27, 2018. Mrs. Goyal completed her school education from the Maharani Gayatri Devi Public School, Jaipur. She is associated with ‘Sakhi’, which promotes young women by organizing retail kiosks to give them a platform to showcase their skills.

Mr. Sudip Bandopadhyay

Non-Executive, Independent Director

Mr. Sudip Bandopadhyay is an independent, non-executive Director. He was appointed as an Independent Director w.e.f. 12th March 2015. He is a Chartered Accountant certified by the ICAI and a Cost and Works Accountant certified by the Institute of Cost and Works Accountants of India. Currently, he is the group chairman of Inditrade Group of Companies. Mr. Bandopadhyay previously has been the managing director of Destimoney Securities Private Limited until September, 2015. He has previously worked with Reliance Securities Limited as the Managing Director and was also on the board of several Reliance ADA Group companies.


Mr. Vijay Chugh

Non-Executive, Independent Director

Mr. Vijay Chugh is an independent, non-executive Director. He was appointed as a Director on March 12, 2015, and was re-appointed as an independent, non-executive Director of our Company on March 12, 2018. He holds a Bachelor of Arts degree from the Delhi University and a Master of Arts degree from the University of Rajasthan. Mr. Chugh also holds a Post Graduate Diploma in Business Administration from the KC College of Management Studies, Mumbai. He is a Certificated Associate of the Indian Institute of Bankers and has been awarded an Advanced Certificate for Executives in Management, Innovation and Technology from the Sloan School of Management, Massachusetts Institute of Technology, U.S.A. He has over 32 years of experience at the Reserve Bank of India in the fields of supervision and regulation of commercial banks, rural credit and development, payment and settlement systems and core banking solutions. He superannuated in the rank of Principal Chief General Manager, Department of Payment and Settlement Systems of the RBI. He has previously been a nominee of the RBI on the boards of directors of the State Bank of Patiala and the United Bank of India. Upon his retirement from the RBI, he has been a consultant to (a) the United Nations Capital Development Fund, and (b) the World Bank Group on assignments in India, Nepal, Ethiopia, Vietnam and South Africa. His international experience includes representing India as a member of the Committee for Payments and Market Infrastructure (Bank for International Settlements, Switzerland) and the SAARC Payments Council and as Director, Payment & Settlement Systems of SEACEN, Malaysia.

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Mr. Rahul N. Bhagat

Non-Executive, Independent Director

Mr. Rahul N Bhagat is an independent, non-executive Director of our Company. He was appointed as a Director on 18th February 2019 for a period of 5 years. Mr. Bhagat holds a Master of Arts degree in International Affairs from College of William and Mary, Williamsburg, USA, and a Bachelor of Arts degree in History (Honors) from St. Stephen's College, Delhi University, India. Mr. Bhagat is a versatile Consumer Banking professional with almost 3 decades of banking experience. He was with HDFC Bank for 16 years (1999-2015), of which the last 10 years was in the Senior Leadership Team as Country Head – Retail Liabilities, Marketing & Direct Banking Channels, reporting to the CEO. Prior to HDFC Bank, he was at Bank of America (1997-1999) and ANZ Grindlays Bank Ltd (1989-1997). Between 2015-2017, Mr. Bhagat advised Vodafone India on their plans to launch a Payments Bank in India. Mr. Bhagat's contribution and leadership has been recognised through invitation to numerous Boards and Committees, including: Standing Committee on Retail Banking, Indian Bank's Association; Executive Committee - National Securities Depository Limited; Customer Global Advisory Board, NCR Corp (USA); Global Advisory Board, Diebold Inc (USA); and Member of Indian Public Schools’ Society.


Management Team


Mr. sunil Khosla

Head Digital Business – Retail

Mr. Sunil Khosla, aged 43 years, is the Head Digital Business – Retail of India Transact Services Limited (ITSL). He is also the Chief Marketing Officer of ITSL’s Holding Company i.e. AGS Transact Technologies Limited (AGSTTL). He has been associated with ITSL since September 10, 2015. He holds a Post Graduate Diploma in Business Management from Apeejay School of Marketing, New Delhi and the Advanced Program in Sales and Marketing Management from National Institute of Sales. He has approximately 19 years of experience in sales and distribution. Prior to joining ITSL, he was Chief –Sales (CP – MNT) at Pidilite Industries Limited. He has also worked with Max New York Life Insurance as Assistant Vice President – Distribution and Danone BOP India as Head – Sales & Distribution. He has also worked with ITC Limited. He has represented ITSL at the Retail Technology Conclave 2018 and at India Retail & eRetail Congress 2018. He has also been recognized as one of the Greatest Marketing Influencers 2018 by CMO Asia. Mr. Khosla has been awarded the “Young Digital Person of the Year” award at the Digital Customer Experience Summit 2019 by Zendesk. He has also represented AGSTTL as a panelist at fintegrate.zone and as an industry speaker at the Innovation Bootcamp 2019 organized by Transformance Business Media; and has also participated at the Retail Leadership Summit.


Mr. Sudheer Parappurath

Head – Risk and Operations

Mr. Sudheer Parappurath is the Head – Risk and Operations, ITSL. He has been associated with ITSL since January 25, 2016. He holds a Bachelor of Science degree from the University of Calicut and a Bachelor of Laws degree from the University of Mysore. He also holds a Post-Graduate diploma in Industrial Relations & Personnel Management from Bharatiya Vidya Bhavan. He has over 23 years of experience in payment industry. Prior to joining ITSL, he has worked with Axis Bank Limited, Reliance Jio Infocomm Limited, BOBCARDS Limited, Binani Metals Limited and IVP Limited. He has also completed the Certified Forensic Accounting Professional course from India Forensic and has received the “Certified Fraud Examiner” certificate from the Association of Certificate Fraud Examiners. He is a director on the board of India Payment Risk Council.


Mr. Alok singh

VP, Products & Banking Alliances

Mr. Alok Singh is the Vice President of Products & Banking Alliances. He has been associated with ITSL since April 2, 2012.

Being an expert on Digital Payments, Alok manages Product development and Banking Alliances at India Transact Services Limited (ITSL). He brings with him an experience of more than two decades in Card Payment space and an in-depth knowledge of the latest payment technologies.