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Reliance, Google, Facebook, Infibeam s NUE bid: What does this mean?
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RIL partners with Google, Facebook to apply for NUE to launch payments network
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RIL partners with Google, Facebook to apply for NUE to launch payments network
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Updated Feb 26, 2021 | 16:07 IST
The NUE framework was unveiled in August last year, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company RBI extends deadline for NUE applications to March 31st
New Delhi: The Reserve Bank of India on Friday extended the deadline for New Umbrella Entity (NUE) applications to March 31st. The central bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020, and invited applications from desirous entities.
Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021. The deadline has now been extended to March-end as various stakeholders including Indian Banks’ Association asked for an extension.
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Non-bank lender Centrum Finance, along with
fintech companies Zeta Pay and Electronic Payment and Services (EPS), are also expected to be part of the group that will submit its proposal to the Reserve Bank of India before the deadline expires on February 26, they said.
ET reported previously that Amazon, along with ICICI Bank and Axis Bank, are also in the fray for the licence. Two other consortiums led by the Tata Group and Infibeam Avenues are also learnt to be in the reckoning.
According to a source close to the development, the synergies between consortium partners in the Paytm, Ola, IndusInd partnership will be the key differentiator for the proposed NUE.