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Umbrella Entity for Retail Payments unveiled by RBI

  • IASbaba
  • August 19, 2020
  • 0
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Umbrella Entity for Retail Payments unveiled by RBI

Part of: GS-Prelims and GS-III – Economy

In News:

  • Umbrella Entity for Retail Payments has been recently unveiled by RBI.

Key takeaways 

  • Eligibility: The companies with a net worth of over 500 crore rupees.
  • Such companies will set up an umbrella entity through which new payment systems in the retail space comprising ATMs, White Label PoS, Aadhaar-based payments  shall be set up and managed.
  • The entity will monitor national and international developments to avoid shocks and frauds.
  • The promoter group of the umbrella entity shall be owned and controlled by resident Indian citizens.

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