Tag: infibeam avenue subsidiary

Mumbai: Reliance has partnered Google and Facebook to set up a New Umbrella Entity (NUE) that will allow them to create a payment network similar to the Unified Payments Interface (UPI) to gain a share of India’s burgeoning digital payments market. The NUE will be jointly promoted by an RIL unit and Infibeam Avenue subsidiary So Hum Bharat. Facebook and Google will hold smaller stakes. The companies are in advanced stages of submitting their proposal to the RBI, three people with knowledge of the matter told ET.

Deadline extended to March 31

Former Itzcash founder and payment industry veteran Navin Surya has been appointed MD and chief executive, said the people cited above. Reliance, Google and Facebook didn’t respond to queries. “We are bound by the confidentiality of the process and cannot comment,” an Infibeam Avenues spokesperson said. “A proposal will be presented to the Reserve Bank of India on detailing the consortium’s plan to strengthen India’s digital economy,” said one of the people with knowledge of the matter. “Representatives of these companies have been in talks with the central bank over the past few months to ensure compliance ahead of the formal presentation of the bid.”

The RBI is expected to take another six months to study the proposal along with other bids. RBI said Friday that the deadline to submit applications had been extended to March 31, following a plea by the Indian Banks’ Association. ET had reported on February 19 that the regulator may consider extending the deadline, keeping in mind Covid-related disruptions.