 "HDFC Bank, Kotak Mahindra Bank to pick up 9.99% stake each in Ferbine")
HDFC Bank and Kotak Mahindra Bank (KMB) will pick up 9.99 per cent stake each in Ferbine Private Ltd, a Tata Sons promoted company to operate a PanIndia Umbrella Entity (PUE) for retail payment systems. The last date from applying to Reserve Bank of India (RBI) for license to operate in February 26, 2021.
At present National Payments Corporation of India (NPCI) is sole player managing retail payment systems. RBI has thrown open retail payment systems space for more players to support growth of digital payments.
KMB in late night filing with BSE said the promoter of Ferbine is Tata
