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RBI rejects suggestions from Facebook, Google, Amazon, and others to replace NPCI

We'll soon meet in your inbox. Please wait... The bank consortium is led by Axis Bank and ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with 15% stake each, sources directly aware of the talks told ET. A consortium led by Reliance Industries and Infibeam Avenue has also submitted its proposal Wednesday. Facebook and Google are set to have minority stakes in this entity, as reported by ET in February. Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the...

Synopsis The government doesn't want public sector banks, which SBI and Bank of Baroda are, to compete against RuPay and UPI that are run by the National Payments Corporation of India (NPCI). Agencies SBI, HDFC Bank and Bank of Baroda together process over 50% of all digital transactions, including by their own customers and third-party networks such as NPCI's UPI. Mumbai: The finance ministry has raised concerns over State Bank of India’s plan to set up a joint venture with Bank of Baroda under the central bank’s new umbrella entity (NUE) framework, worried that it could squeeze the Na...

The government doesn't want public sector banks, which SBI and Bank of Baroda are, to compete against RuPay and UPI that are run by the National Payments Corporation of India (NPCI).