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RBI extends deadline to apply for Umbrella entity on retail payments

34 consortiums working to file intent for NUE

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RBI said in a statement that it had received requests from various stakeholders including Indian Banks’ Association for extending the timeline

Subrata Panda Abhijit Lele Mumbai

3 min read Last Updated : Feb 26 2021 | 10:49 PM IST

Reserve Bank of India has extended deadline to file application to set up an umbrella entity for retail payments till March 31, 2021. Earlier, it had given time till February 26, 2021.

At least four consortiums, including one led by Tata group and the consortium of Axis Bank, ICICI Bank, Amazon and Visa, are working to plans to form a pan-India entity. State Bank of India is also working on plans to be stakeholder in New Umbrella Entity (NUE). All of them aims to create a for profit NPCI like body for retail payments. At present National Payments Corporation of

Topics : Reserve Bank of India Axis Bank Tata group ICICI Bank

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