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“In the rapidly evolving fintech landscape, regulatory bodies and industry players keep playing complementary roles in actively shaping the future of digital finance, with key focus being on cyberse...
Published On: 02/03/2020
Practice Area: Government & Regulatory, Technology, Media & Telecommunications
Authors:
In its financial stability report dated December 27, 2019, the Reserve Bank of India (the 'RBI') proposed the New Umbrella Entity (the 'NUE') for retail payment systems, to offer alternative digital retail payment systems to the consumers, in a space which has been dominated by the National Payments Corporation of India (the 'NPCI') since a decade now. The RBI issued a Press Release on February 10, 2020, placing on its website a 'draft framework for authorization of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems (the 'Draft Framework'). In light of this, INDUSLAW's Avimukt Dar, Namita Viswanath, Shreya Suri and Shantanu Mukul discuss some of the key provisions introduced by the said draft framework.
