With Big Businesses Expected To Apply, Will NUE Make NPCI Redundant?

Know more→

Financial Services

With big businesses expected to apply, will nue make npci redundant?

26 Nov 2020

1 min read

Beware! As they say, there ain’t no such thing as a free lunch, and this is especially true in the financial domain. Just as we had started to boast about the homegrown Unified Payments Interface (UPI) – an inclusive, user-friendly and largely free digital payments ecosystem developed and run by the umbrella entity National Payment Corporation of India (NPCI) – the Reserve Bank of India gave the green light to yet another New Umbrella Entity (NUE) in the retail payments space.

The most significant differentiator in this case: The NUE will be a ‘for-profit venture that will develop and push technology solutions, build niche expertise and, of course, earn ‘profits’ in the process (more on that later). As the RBI draft framework mentions “pan-India umbrella entity/entities”, it indicates that the central bank is open to more than one entity, subject to the applicants meeting all specified requirements.

The full article was originally published on Inc42.

Disclaimer: The text, images and content here have been reproduced from the original publisher. Praxian Global Private Limited does not claim any ownership or right to use of this content and the rights belong to the publisher. We have contributed our perspectives, which are often proprietary, to the content publisher. We or the publisher have no obligation to update or refresh the content or our perspectives shared herein.

Ready to talk?

I want to talk to your experts in:

We work with ambitious leaders and transformative clients who are defining the future. Together, we achieve extraordinary outcomes.

With Big Businesses Expected To Apply, Will NUE Make NPCI Redundant? | PraxisGA