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New Umbrella Entity for Payment Systems

  Apr 11, 2021

New Umbrella Entity for Payment Systems

Q Why in News

The private companies have shown interest in setting up New Umbrella Entities (NUEs) for payment systems  an idea floated by the Reserve Bank of India (RBI).

Q What are New Umbrella Entities and its functions?  
New Umbrella Entities (NUEs)  will be a non-profit entity that will set-up, manage and operate new payment systems, especially in the retail space such as ATMs, white-label PoS; Aadhaar-based payments and remittance services.

Q What is need for NUEs? 

            Need for NUEs:

Q What will be other frameworks related to NUEs? 

            Framework Related to NUEs: