New Delhi, Mar 31 (IANS): March 31 is the deadline for submitting applications for setting up a pan-India umbrella entity for retail payments.

The Reserve Bank of India in February had extended the date to March 31 after it received requests from stakeholders, including Indian Banks' Association (IBA), to extend the deadline.

"Requests have been received from various stakeholders, including the IBA, for extending the timeline, keeping in view the covid-19 related disruptions and inconveniences. It has accordingly decided to extend the timeline for making the application up to 31 March 2021," the central bank had said.

As per reports, corporates, banks and fintech companies are eyeing licences to set up an NUE, which will rival state-owned NPCI.

State Bank of India (SBI), ICICI Bank, HDFC Bank, Bank of Baroda, Axis Bank, Kotak Mahindra Bank and Yes Bank re likely to participate in the NUE (New Umbrella Entity).

Reports cited said that Amazon and fintech companies such as SoHum and Paytm are expected to join the race separately as part of a consortium.

HDFC Bank and Kotak Mahindra have already picked up a 9.99% stake each in Tata group-promoted Ferbine Pvt. Ltd, incorporated on January 18 to apply for an NUE licence.

"The main business of the company would be to operate a pan-India umbrella entity for retail payment systems, as would be allowed/licensed by RBI, subject to approval of the NUE application," it said.