Set up in 2008, NPCI is a not-for-profit company, which as of March 2019 counted dozens of banks as its shareholders, including the State Bank of India, Citibank and HSBC.
A spokesperson for Infibeam declined comment on the report, saying the company was bound by the confidentiality of process, while Reliance, Google and Facebook did not immediately respond to a request for comment.
The social network's commitment to the news industry follows Google's $1 billion investment last year, as technology giants come under scrutiny over their business model as well as the proliferation of misinformation on their platform.
In a blog detailing its version of the showdown, Facebook said the news ban was related to a "fundamental misunderstanding" of the relationship between the company and news publishers.
The Australian federal government has said it plans to put the legislation, which effectively force Google and Facebook to strike deals with media companies or have fees set for them, to a vote in the coming weeks.
The move, announced in a blog post on Wednesday, represents a divergence in responses among the big tech giants under attack by news publishers, which have blamed the companies for destroying their advertising business.