Paytm collaborates with Ola and other firms for a New Umbrella Entity (NUE)
IndusInd Bank, Small Finance Bank, Centrum Finance, Zeta Pay and EPS will partner
The entity will present a proposal for NUE before RBI
Currently, many firms are vying for an NUE license to set up new national payment settlement systems
Apart from Paytm, Tata Group, Amazon and Reliance are also looking for establishing NUE
Last month, the RBI had extended the deadline for NUE license applications to March 31, 2021
The deadline was postponed from February 26 due to COVID-19 restrictions
