Umbrella Entity for Retail Payments unveiled by RBI

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.