The Reserve Bank of India (RBI) is said to have put on hold licensing of the New Umbrella Entity (NUE) network, a fintech institution planned as a rival to National Payments Corporation of India (NPCI). Six groupings, which included Facebook, Google, Amazon, Flipkart and others, had applied for NUE licences.
The regulator will not grant permission to any of the six consortiums to commence business as all of them have fallen short of the RBI’s expectations, said people familiar with the matter.
Source:
Economic Times
