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5 hours ago A union representing India’s largest public bank along with a coalition of labour unions and NGOs requested the Reserve Bank of India to reject applications of “profit-making” big companies, especially Amazon, from setting up alternate payment systems. Reuters reported on this first on April 8. Amazon, Google, Facebook and others have applied to set up New Umbrella Entity (NUE) a parallel payment ecosystem proposed by RBI to reduce concentration risks in the payment sector. This would rival the quasi-public National Payment Corporation of India (NPCI), which is currently the main operator for digital transactions in the country. State-run State Bank of India’s union All India State Bank of India Staff Federation (AISBISF), labour unions and NGOs under the banner of UNI Global Union, IT for Change and the Joint Action Committee Against Foreign Retail and E-Commerce (JACAFRE) wrote a letter in this regard to the RBI.

United statesUttar pradeshSanjeev kumar bandlishNational payment corporation of indiaHonble delhi high courtRampur distillery coV company law boardForeign exchange managementAction committee against foreign retailCommission of united statesIndia staff federationEuropean unionIndia state bankForeign exchange management instrumentsJapan fair trade commissionEuropean commission