Reliance Industries Ltd. , led by Asia’s richest man, along with its partners plans to seek a license to enter India’s burgeoning digital payments business, people with knowledge of the matter said. The Reserve Bank has called for applications from those keen to enter India’s digital payments space by March 31 and is expected to study the proposals over the next six months. The Indian digital payments market is estimated to touch $1 trillion by 2023, according to Credit Suisse Group AG. Ambani’s venture, if granted a license, will compete against the state-run National Payments Corp. of India. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint March 01, 2021 13:30 UTC