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: