Along with ICICI Bank and Axis Bank, Amazon has also partnered with fintech startups Pine Labs and BillDesk to set a New Umbrella Entity (NUE) that will build a UPI-like settlement system in India s digital payments space.
The Finance Ministry has raised concerns over the SBI, HDFC Bank and BoB combine which reportedly plans to jointly apply for a New Umbrella Entity (NUE) license
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 National Payments Corporation of India (NPCI), three people aware of the matter told The Economic Times.
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).
ETtech Morning Dispatch on Feb 12, 2021: Swiggy’s war chest against Zomato, Crypto under threat in India
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Good morning,
Before we begin, Koo, the Made-in-India Twitter clone, is already fighting allegations that its app leaks private data of its users. On the plus side, it has new, non-Chinese, investors.
But today’s top story is Swiggy, or rather the giant chunk of change that’s about to land in India from Qatar, Singapore and others. Elsewhere, we take a closer look at the government’s long-and-widely rumoured plan to ban all “private” cryptocurrencies in India while launching its own “public” i.e., state-owned version at the same time. But the difference between “private” and “public” crypto isn’t simply one of ownership. The two are actually two very different things in practice.