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Tata Group takes over SBI and Bank of Baroda bid for NUE license: Report

The Tata Group has taken over State Bank of India and Bank of Baroda's bid for a Reserve Bank of India (RBI) license to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported. The move to apply for a NUE license will go a long way to help the group develop and roll-out its Super App, that will compete with Reliance and Amazon's dominance in e-commerce and retail. The Tatas have taken over the bid by State Bank of India and Bank of Baroda, who had joined hands with HDFC Bank for the NUE. But both state-owned banks were red-flagged by the Finance Ministry to set up a rival to the National Payments Corporation of India (NPCI), the report said citing unnamed sources. The Tata's have set up an entity called Ferbine Pvt. Ltd for the purposes of a NUE license. While HDFC Bank and Kotak Mahindra Bank, each have a 9.9% stake in the entity, Airtel Digital will buy a 10% stake, the report said. Mastercard and PayU are also part of the Tata-Kotak-HDFC Bank consortium. While Mastercard is a dominant card network company in the country, PayU is among the leading payment gateway provider. HDFC Bank and Kotak Mahindra Bank are both leading private banks with a strong digital footprint. According to NPCI data, HDFC Bank processed 138 million Unified Payment Interface (UPI) transactions on the whole, Kotak Mahindra Bank processed 49.77 million transitions in January 2021. Kotak's apps processed…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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