The Reserve Bank of India (RBI) has extended the deadline for submitting applications for setting up a pan-India umbrella entity for retail payments to 31 March. It has accordingly decided to extend the timeline for making the application up to 31 March 2021," the central bank said. Last year, RBI released the framework for setting up a New Umbrella Entity (NUE) for various payment services. Banks, including State Bank of India (SBI), ICICI Bank, HDFC Bank, Bank of Baroda, Axis Bank, Kotak Mahindra Bank and Yes Bank aim to participate in the NUE. Last August, RBI unveiled the framework for setting up umbrella entities, with 26 February as the deadline.

Source: Mint February 26, 2021 18:11 UTC