SBI To Power Digital Payments, Set Up Rival Entity To NPCI

The State Bank of India (SBI) is planning to set up an entity to counter the National Payments Corporation of India’s (NPCI) hegemony as the only umbrella organisation for owning and operating a pan-India digital payments network.

The senior management at SBI, India’s largest public sector bank, is believed to be planning to apply for a license under the RBI’s New Umbrella Entity (NEU) framework for retail payments. SBI is also a shareholder in the NPCI, which is owned by a consortium of public and private sector banks. As per the framework released by the RBI last week, those receiving approval would be able to set up and operate umbrella entities for digital payments, having the same powers as the NPCI. 

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