Scoop: Reliance partners Google, Facebook in seeking NUE licence from RBI

Mumbai: Reliance NSE -2.73 % Industries Ltd. has partnered Google and Facebook Inc. to set up a New Umbrella Entity (NUE) that will allow them to create a payments network similar to the Unified Payments Interface (UPI) to gain a share of India’s burgeoning digital payments market.

The NUE will be jointly promoted by a Reliance unit and Infibeam Avenues NSE 2.00 % Ltd.’s subsidiary So Hum Bharat. Facebook and Google will hold smaller stakes. The companies are in advanced stages of submitting their proposal to the RBI, three people with knowledge of the matter told The Economic Times.