RBI lines up ‘pan-India umbrella entity’ to shake up retail payments
Firm “may be permitted” to hold an account at the central bank
The Reserve Bank of India is hoping to encourage growth and innovation in the payments system by launching a privately led, “pan-India umbrella entity” to challenge the dominant incumbent.
The RBI launched the proposals in February, fearing the National Payments Corporation of India, itself an umbrella entity founded by the central bank and banks, had gained too much market power.
Having consulted on the proposals, the RBI finalised its plan for the new umbrella entity on August 18. It will be
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