Categories: Schemes

RBI to setup committee on NUE licenses

The Reserve Bank of India (RBI) will set up a committee to scrutinize applications and give recommendations on New Umbrella Entity (NUE) licenses. The 5 member committee will be headed by Shri. P. Vasudevan. The committee will be responsible for looking into several aspects of NUE, from the macroeconomic impact of such a step to the security risks. The committee’s recommendations will be taken into consideration before doling out the licences.

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NUEs will establish their own payment infrastructure to compete with the National Payments Corp. of India (NPCI). The government hopes to build a settlement system similar to the unified payments interface (UPI) with the NUEs. The system will be focused on small and medium enterprises, merchants and consumers. The RBI had in August 2020 issued guidelines for creating “for-profit NUEs”.

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RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.