Mumbai: State Bank of India, HDFC Bank and Bank of Baroda are set to team up to explore forming a new mass-market payments entity which would compete with National Payments Corporation of India (NPCI) that operates then Unified Payments Interface, two people aware of the development told ET The three lenders have initiated talks to make a joint application with SBI being the lead promoter. Several other lenders, a large technology firm, a card operator and a few payment network players are also expected to join the proposed bank led payments Consortium, they said.

Courtesyg: Google (photo)