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UltraTech Cement, Grasim, Adani Enterprises, Kotak Mahindra Bank among top Nifty gainers this week

UltraTech Cement, Grasim, Adani Enterprises, Kotak Mahindra Bank among top Nifty gainers this week
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RBI extends deadline to apply for umbrella entity on retail payments

RBI extends deadline to apply for umbrella entity on retail payments State Bank of India, ICICI Bank, HDFC Bank, Bank of Baroda, Axis Bank, IndusInd Bank, Kotak Mahindra Bank and Yes Bank are all eyeing the licence. Share Via Email | A+A A- By Express News Service NEW DELHI: The Reserve Bank of India (RBI) has extended the deadline for submitting applications for the authorisation of a pan-India umbrella entity for retail payments up to March 31, citing Covid-related disruptions and inconveniences. “Requests were received from various stakeholders, including the Indian Banks’ Association, for extending the timeline,” the Reserve Bank of India said. The central bank had invited applications in August and given six months’ time to apply for a license.

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Banks coming together for new umbrella entity for retail payments

Banks coming together for new umbrella entity for retail payments February 26, 2021 HDFC, Kotak Mahidra pick up stake in Ferbine Two leading private sector lenders HDFC Bank and Kotak Mahindra Bank seem to be readying plans for a new pan-India umbrella entity (PUE) licence for retail payments. HDFC Bank late on Thursday night said it has executed an agreement for subscribing to 4,995 equity shares of the face value of ₹10 each fully paid up issued by Ferbine Private Limited for a consideration of ₹10 per equity share. “Post investment, bank will hold 9.99 per cent of the equity shareholding of Ferbine,” it said in a regulatory filing. The acquisition for cash consideration of ₹49,950 will be completed by February end, HDFC Bank said.

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Umbrella entity for retail payments: Race for licence gathers momentum

Umbrella entity for retail payments: Race for licence gathers momentum
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Kotak Mahindra Bank picks up 9 99% stake in Ferbine Private Ltd

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.

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