Reliance partners with Google, Facebook seeking NUE license from RBI

Reserve Bank of India announced the extended deadline for applying NUE license in payments system rival of NPCI-UPI United Payment Interface issued by GOI under National Payments Corporation of India.

The deadline has now extended to 31 March in India after number of stake holders shows interest in applying for NUC license include major private players.

According to RBI briefing, They had received requests from various stakeholders to extend the timeline, “Keeping in view the COVID-19-related disruptions and inconveniences. It has been according decided to extend the timeline for making the applications as RBI said in a statement.

Tata Sons has promoted Ferbine to apply to RBI for a pan-India NUE on Friday, HDFC Bank and Kotak Mahindra Bank said that they are subscribing equal stake in 10% below.

Earlier, Amazon India, ICICI Bank, Axis Bank, Pine Labs and Bill Desk were reported to have a decided to promote a company. The third such group comprises Paytm, Ola Financial, Indus and Bank and EPS – an ATM network manager.

As per today reports, Reliance Jio has partners with Google and Facebook ask to license, customize, maintain and access Infibeam’s enterprise e-commerce software and payments platform.

According to industry sources, The interest in the NUE has picked up to closer to the deadline, none of the state-owned banks has made public any plans to get into the payments infrastructure business.

A large number of transactions into the network early on bankers say that the NUEs will operate in same space as NPCI. A proposal will be presented to be Reserve Bank of India on detailing the consortium’s plans to strengthen India’s digital economy”, said one of the people will knowledge of the matters.

Representative’s of the companies have been in talks with the central bank over the past few months to ensure compliance ahead of the formal presentation of the bid.

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