India, March 4 -- Tata Group's planned new umbrella entity (NUE) has seemingly gained more momentum, with major participants from the financial services and tech startup sphere.

According to ET, which first reported the development, Flipkart, Mastercard, PayU and National Bank for Agriculture and Rural Development (NABARD) will together buy a 30% stake in Ferbine, the Tata subsidiary that will build the NUE as per the proposal.

Besides the Tata Group proposal, at least three other consortiums of Indian startups and MNCs have also applied to the Reserve Bank of India (RBI) for an NUE license. Below is the list of applicants at the RBI so far.

On February 27, the central bank extended the deadline for receiving applications for a New Umb...