Operation: Woo SBI

By Arundhati Ramanathan in BFO #302, 10 Jun, 21

If Indian banks put their mind to it, they can scuttle even the best-laid plans. 

India’s digital payments is managed by retail payments body National Payments Corporation of India (NPCI). NPCI is a payments network that is supported by all the major banks of India. The Reserve Bank of India, to reduce the concentration risk in India’s digital payments, encouraged the setting up of a new competitor to NPCI in the form of New Umbrella Entities (NUEs).