Daily Times

India’s conglomerate Reliance Industries has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources. Last year, India’s central bank invited companies to forge new umbrella entities (NUEs) to create a payments network that would rival the system operated by the National Payments Council of India (NPCI), as it seeks to reduce concentration risks in the space. Set up in 2008, NPCI is a not-for-profit company, which as of March 2019 counted dozens of banks as its shareholders, including the State Bank of India, Citibank and HSBC. It processes billions of dollars in payments daily via services that include inter-bank fund transfers, ATM transactions and digital payments. Citing three unnamed sources, India’s leading business daily Economic Times said that the group led by Reliance and Infibeam was in the advanced stages of submitting their proposal to the Reserve Bank of India.