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top tech news: Paytm's NUE edge - The Economic Times

Paytm’s NUE edge
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Though the race for a new umbrella entity (NUE) licence from the Reserve Bank of India includes consortia led by Amazon, Tata and Reliance,
Paytm CEO Vijay Shekhar Sharma believes his consortium has the edge as it includes a diverse set of companies.
In an interview with ET, Sharma said the Paytm-led NUE could focus on creating national payment networks in the space of transit, remittance and business payments among merchants.
Also in today’s letter:
Govt gets court notice on new IT rules

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Paytm NUE licence consortium most diverse: Vijay Shekhar Sharma

Paytm NUE licence consortium most diverse: Vijay Shekhar Sharma
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New Umbrella Entity: Everything you need to know about NPCI's potential rival(s)

March 8, 2021
Some of India’s leading startups, fintechs, large banks and corporates, alongside a few global financial giants and tech companies, have come together, all to grab a piece of India’s burgeoning payments market. Soon, the Reserve Bank of India (RBI) may grant some of them their wish to build and scale new ways for Indian consumers to transact.
While cash remains the dominant form of making transactions in the country, over the last few years the number of consumers and merchants transacting digitally has grown exponentially. This has to do with two factors one the falling cost of data and access to smartphones which enable digital transactions and the second, the increased access to financial services like bank accounts and credit. According to Credit Suisse, digital payments in India now clock an annual payment run-rate of $450 billion and constitute 30% of all retail transactions from 10% in 2018. ....

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Paytm, Ola join hands with IndusInd Bank to create NPCI rival: Report

Paytm, Ola Financial Services and IndusInd Bank will submit a joint proposal to set up a New Umbrella Entity (NUE) for retail payments in the country ....

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RBI extends deadline for NUE applications to March 31st

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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