Umbrella Entity for Retail Payments unveiled by RBI
Part of: GS-Prelims and GS-III – Economy
- Umbrella Entity for Retail Payments has been recently unveiled by RBI.
- 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.