Reserve Bank of India Has Issued Draft Framework for Retail Payment Systems

Reserve Bank of India Has Issued Draft Framework for Retail Payment Systems

Reserve Bank of India (RBI) has issued draft framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems for public comments.

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Under the framework, promoter groups that want to set up an NUE can set it up as a Co incorporated in India under the Companies Act, 2013. The NUE should have a minimum paid-up capital of Rs 500 crore. The scope of an NUE’s activities will include the setting-up, managing and operating of new payment systems, especially in the retail space comprising, but not limited to, ATMs, white label point of sale (PoS), Aadhaar-based payments and remittance services, and the development of new payment methods, standards and technologies.

South Indian Bank came out with flying colours at the Banking Technology Awards 2020 instituted by the Indian Banks’ Association. SIB delivered a stellar performance by winning the coveted awards in 6 categories.

The National Stock Exchange (NSE) has added 30 lakh new investors in 2019, a growth of 4.5% over the previous year. The exchange also crossed the milestone of 3 crore registered investors in January 2020, it said in
a statement.

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