Reliance Industries Ltd has partnered with Google and Facebook to seek a license to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported. Reliance, Google and Facebook will team up with So Hum Bharat Digital Payments Pvt Ltd to submit their proposal to the Reserve Bank of India (RBI), the report said citing unnamed sources. So far, apart from the So Hum and Reliance joint application for a NUE license, a consortium led by the Tata Group and another led by Amazon-ICICI-Bank-Axis Bank are reportedly in the running to apply for an NUE license, in addition to a consortium led by Paytm, Ola and IndusInd Bank. While Reliance has a payments bank license for Jio Payments Bank, Google has a retail payments product, Google Pay, on the Unified Payments Interface (UPI) and…
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