According to a Times of India report, not a single public sector bank has shown interest in the NUE. No public sector bank has shown any interest in developing payment infrastructure.
Many companies are in the race for New Umbrella Entity.
Many financial companies including Reliance Industries, Google, Facebook, Tata, Amazon, HDFC Bank, Kotak Mahindra Bank are going to knock in India’s digital payment market very soon. The Reserve Bank has recently extended the application filling date for New Umbrella Entity i.e. NUE to 31 March. The last date for filling the first application was till 26 February. With the help of NUE, these companies will be able to create a payment network like UPI. This will increase competition in the digital payment market.
According to the Economic Times report, the Consortium of Companies for the New Umbrella Entity is in the race. Like Reliance, Infibeam Avenues, Google and Facebook are together in the NUE race. HDFC Bank, Kotak Mahindra Bank, MastCard, PayU are together in consortium with Tata group. Amazon, ICICI Bank, Axis Bank, Pine Labs, Billdesk and Visa Card are together in the consortium. Paytm, IndusInd Bank, Ola Financial, Centrum Finance, JetPay and EPS are together in the consortium.
No government bank showed interest
According to a Times of India report, not a single public sector bank has shown interest in the NUE. No public sector bank has shown any interest in developing payment infrastructure. Regarding the New Umbrella entity, bankers say that the infra of UPI and IMPS will be strengthened by their arrival. These companies will not create a separate payment platform for themselves.
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