INSUBCONTINENT EXCLUSIVE:
Mumbai: The Reserve Bank of India has taken yet another step towards opening the mandate of issuing and operating of new retail payment
channels to private sector players
activities has now been issued by the central bank for public scrutiny.
This, the banking regulator believes, has been necessitated for the
channels is largely monopolised by the National Payments Corporation of India (NPCI).
As per these proposed guidelines, only those entities
with at least three years of experience operating as payment operator or service providers can apply as a promoter group
NPCI.
The NUE should also maintain a minimum net-worth of Rs 300 crore always
Among other functionalities, the proposed umbrella body primarily will set up, manage and operate new payments system, especially in the
NUE will also be given a mandate to develop new payment methods, standards and technologies and operate clearing and settlement systems, it
Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), will be the final authority on issuing authorisation for
RBI governor had said during his Monetary Policy address
