According to JPM today, FDC appears to have fought its way back into the mix: "Reports of a JV between First Data and ICICI Bank (India's largest private sector bank); such a move is likely more positive (than negative) for industry pricing. We would not rule out the possibility of GPN striking a similar deal to work more closely with local banks in India over time."

I'm assuming the JPM analyst is referring to merchant processing for ICICI.