February 25, 2021
Tata Sons promoted company set up to apply to RBI for a license for umbrella entity for retail payments Private sector lender Kotak Mahindra Bank has acquired a 9.99 per cent stake in Ferbine Private Limited, which plans to apply to the Reserve Bank of India to set-up a pan-India umbrella entity (PUE) for retail payments.
“We wish to inform you that Kotak Mahindra Bank has agreed to subscribe to 4,995 equity shares in Ferbine Private Limited for a consideration of ₹49,950, translating into an equity shareholding of 9.99 per cent on February 25, 2021,” the lender said in a regulatory statement on Thursday.
Ferbine Private Limited was incorporated on January 18, 2021 to make an application to RBI for the PUE license, it further said.
Kotak Mahindra Bank Limited to invest in Ferbine Pvt Ltd
Posted On: 2021-02-25 08:50:11 (Time Zone: Arizona, USA)
Kotak Mahindra Bank Limited (the Bank ) has agreed to subscribe to 4,995 Equity Shares in Ferbine Private Limited for a consideration of Rs. 49,950 translating into an equity shareholding of 9.99% on February 25, 2021.
Kotak Mahindra Bank and its subsidiaries in the normal course of business may have business dealings with Ferbine in future at an arm s length. The promoter of Ferbine is Tata Sons Private Ltd. Ms Farida Khambata, a director of the Bank is also on the board of Tata Sons Ltd.
Ferbine has been incorporated on 18 January 2021 to make an application to RBI for the PUE license. The main business of the company would be to operating a pan India umbrella entity for retail payment systems, as would be allowed/licensed by RBI, subject to approval of the PUE application.