Airtel Digital acquires 10% stake in Ferbine

Airtel Digital on Friday acquired 10 percent stake in Ferbine Private Ltd, which was incorporated on January 18, 2021, for setting up a pan-India umbrella entity (PUE) for retail payments.

Ferbine’s main business would be to operate the pan-India umbrella entity.

Airtel joins HDFC Bank, Kotak Mahindra Bank as an investor in Tata Group’s Ferbine Pvt Ltd to apply for a NUE licence.

Axis Bank has entered into a Memorandum of Understanding (MoU) February 25, 2021 among members of the consortium seeking to set up the Pan-Umbrella Entity (NUE), subject to requisite regulatory approvals.

Axis Bank has acquired 20 percent stake in Mopay, which is subject to approval from the Reserve Bank of India (RBI). The main business of Mopay would be to create and operate pan-India retail payment systems, as would be allowed/authorized by RBI.

ICICI Bank also picked up 20 percent stake in Mopay. “We wish to inform you that ICICI Bank Limited (ICICI Bank) has entered into a Memorandum of Understanding (MoU) dated February 25, 2021 amongst members of the consortium seeking to set up a Pan-India (National) Umbrella Entity (NUE) for Retail Payments, subject to requisite regulatory approvals,” the bank said in a statement. CNBCTV18