Yes Bank eyes 10% stake in So Hum Bharat

Yes Bank is in talks to pick up a 10% stake in So Hum Bharat Digital Payments, which is applying for a licence of the proposed new umbrella entity (NUE) for digital payments. So Hum Bharat has been set up by ItzCash founder Navin Surya with the backing of Infibeam Avenues.

A Yes Bank spokesperson confirmed the development. “We are evaluating a partnership with So Hum Digital, subject to relevant approvals including regulatory. In So Hum and its founder Navin Surya, we believe there are synergies around innovation and the problem-solving spirit, that we feel can accelerate the journey towards a fully digital India,” said Yes Bank global head (transaction banking group) Ajay Rajan.

The bank also holds around 1% stake in the National Payments Corporation of India (NPCI). NUE will challenge NPCI and is expected to offer services like managing ATMs, point-of-sale machines, Aadhaar-based payments and remittances. TOI reported last month that the race for the NUE licence is heating up with the likes of Paytm, HDFC Bank and largest conglomerates likes Reliance, through Jio, and Tata Group evaluating to apply for a licence.


Read: NUE rival emerging for NPCI in So Hum Bharat