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.
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