{"id":86463,"date":"2020-02-13T15:16:12","date_gmt":"2020-02-13T09:46:12","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=13700"},"modified":"2021-04-29T15:41:07","modified_gmt":"2021-04-29T10:11:07","slug":"rbi-planning-umbrella-entities-for-retail-payment-systems","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-planning-umbrella-entities-for-retail-payment-systems\/","title":{"rendered":"New Umbrella entity for retail payment systems"},"content":{"rendered":"\r\n<p><strong>News:<\/strong>The Reserve Bank of India(RBI) has released a draft framework for authorisation of a pan-India New Umbrella Entity(NUE) for Retail Payment Systems.<\/p>\r\n\r\n\r\n\r\n<p><strong>Facts:<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>About New Umbrella Entity(NUE):<\/strong><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>The new pan-India new umbrella entity(NUE) or entities will focus on retail payment systems with a minimum paid-up capital of Rs 500 crore.<\/li>\r\n<li>They may be a \u2018for-profit\u2019 or a Section 8 Company incorporated in India.It will be governed by the provisions of the Payment and settlement systems(PSS) Act and other related guidelines.<\/li>\r\n<li>It will set up, manage and operate new payment systems especially in the retail space consisting of ATMs,white label PoS, Aadhaar-based payments and remittance services, develop payment methods among others.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><strong>Who can apply for NUE?<\/strong><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Any promoter or group who has three years of experience in the payment ecosystem as an operator, service provider or technology service provider can apply for NUE.<\/li>\r\n<li>However,the RBI has also disallowed any single promoter or group to hold more than 40% investment in the capital of the NUE.<\/li>\r\n<li>Further,RBI has also allowed the promoter or promoter group shareholding to dilute the minimum of 25% after 5 years of the commencement of the business of the NUE.<\/li>\r\n<\/ul>\r\n","protected":false},"excerpt":{"rendered":"<p>News:The Reserve Bank of India(RBI) has released a draft framework for authorisation of a pan-India New Umbrella Entity(NUE) for Retail Payment Systems. Facts: About New Umbrella Entity(NUE): The new pan-India new umbrella entity(NUE) or entities will focus on retail payment systems with a minimum paid-up capital of Rs 500 crore. They may be a \u2018for-profit\u2019&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-planning-umbrella-entities-for-retail-payment-systems\/\">Continue reading <span class=\"screen-reader-text\">New Umbrella entity for retail payment systems<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[394,4026],"class_list":["post-86463","post","type-post","status-publish","format-standard","hentry","category-economy","tag-rbi","tag-umbrella-entities","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704900872},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86463"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86463\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}