Policybazaar, Paytm, Ola Financial, IndusInd Bank and a consortium player is planning to set up a New Umbrella Entity (NUE) to build a national payments infrastructure firm, said media reports. These companies, together, will set up a company by the name of “Foster Payment Network” which will front the NUE bid under RBI’s framework. Three Paytm group entities and Mumbai-based Electronic Payment and Services are expected to co-promote the new Foster.

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