03 March 2021
The Tata Group is reported to have taken over State Bank of India and Bank of Baroda’s bid for a Reserve Bank of India (RBI) licence to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported.
The move to apply for a NUE licence is part of a concerted effort by the group to develop and roll-out its Super App, for a big entry in the online retail space and set up competition with Reliance and Amazon.
RBI is reported to have rejected the bids of state-run SBI and BoB for setting up the NUE, which has since been lapped up by Tata Group along with HDFC Bank and Kotak Mahindra Bank.
Airtel Digital to buy 10% stake in Tata Group-led Ferbine
HDFC and Kotak Mahindra banks have also picked up 9.99 per cent stake each in Ferbine.
27 Feb, 2021 - 08:05 AM IST | By indiantelevision.com Team
New Delhi: Bharti Airtel s wholly-owned subsidiary Airtel Digital is all set to buy 10 per cent in Tata Group’s Ferbine Pvt Ltd for Rs 50,000 cash.
With this, the telecom major has joined the race to own a stake in the pan-India umbrella entity (PUE) which has been formed to rival the National Payments Council of India (NPCI).
“The investee company has been incorporated on 18 January 2021 to make an application to Reserve Bank Of India for the PUE license. The main business of the company would be to operate a pan-India umbrella entity for retail payment systems, as would be allowed/ licensed by RBI, subject to approval of the PUE application,” Airtel said in a notice to the National Stock Exchange of India on Friday.
Exclusive: Tata Group takes over SBI bid for NUE licence from RBI
SECTIONS
Share
Synopsis
Tata Group will promote its digital payments entity through its subsidiary Ferbine Pvt. Ltd., in which Bharti Airtel, HDFC Bank and Kotak Mahindra Bank are also stakeholders. Mastercard and PayU are also part of the consortium.
Reuters
An NUE licence will go a long way in helping Tata Group lay the groundwork for its Super App against Reliance Group and Amazon, which are also in the fray to set up a new umbrella entity for digital payments under RBI guidelines.
Related
Mumbai: The Tata Group has taken over State Bank of India s bid for a New Umbrella Entity (NUE) payments licence, after the state-run lender s bid
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.