RBI puts on hold NUE licensing
RBI puts on hold NUE licensing RBI is said to have put on hold licensing of the New Umbrella Entity (NUE) network, a fintech institution planned as a rival to the National Payments Corporation of India (NPCI). Six Groupings, which included Facebook, Google, Amazon, Flipkart, and others, had applied for NUE licenses. RBI will not grant permission to any of the six consortiums to commence business as all of them have fallen short of the RBI's expectations. It looks like none of the applicants have proposed anything novel or a great technology breakthrough that would have made RBI look over it, almost all of the plans were similar to that of the NPCI, which did not enthuse the RBI. NPCI, established by the RBI and banks, runs the Unified Payments Interface (UPI) and other payment systems. NUEs were supposed to set up and operate a new retail digital payment system and manage clearing and settlement systems that could be an alternative to the bank-promoted NPCI. The applica...