Six consortiums apply to RBI for NUE licence for retail payments

Six consortiums, including those led by Reliance Industries NSE 0.94 %, Tata Group and Axis-ICICI Bank, submitted applications to the central bank on Wednesday to set up a national payments infrastructure rivalling the National Payments Corp of India (NPCI) platform.

The other consortiums are led by Paytm, India Post and Fintech startup iserveU.