RBI puts on hold NUE licensing
What Is NUE License?
- NUE means New umbrella entities. This license allows the creation of a digital payment network. For now, NPCI handles all types of digital payments in India. In other words, NPCI handles all retail payments in India.
- Through this license, RBI now wants to introduce a new entity, which will be a profit-making entity.
Retail Payment System
- Retail payments usually involve transactions between two consumers, between consumers and businesses, and between two businesses.
However, the implementation has been postponed for the timebeing by RBI, since Banks have not complied with the requirements as per RBI specifications. Here is an article on this.