RBI released framework for Pan-India Umbrella Entity for Retail Payments

New Delhi – RBI released framework for setting up of pan-India Umbrella Entity for Retail Payments. This new pan-India umbrella entity with a minimum paid-up capital of 500 crores rupees. This umbrella enttiy will set up,operate, manage new payment systems that comprises of ATMs, Aadhaar based payments, label Point of Sales, remittance services.

Also, it will develop standards, payment methods and technologies related issues.The Reserve Bank invites applications for the umbrella entity which shall be submitted in the prescribed form (Form A) till the close of business on February 26, 2021.The directors of the board are to be appointed by the Apex bank.