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Context: Recently, the companies such as Reliance, Tata, Amazon and Paytm with any presence in India’s tech or financial services ecosystem are making a beeline to set up new umbrella entities (NUEs) for payment systems.
Background
About New Umbrella Entities (NUEs)
An NUE will be a non-profit entity that will set-up, manage and operate new payment systems, especially in the retail space such as:
The NUEs will develop new payment methods, standards and technologies as well as operate clearing and settlement systems.
Eligibility: The entity eligible to apply as promoter or the promoter group for the NUE should be ‘owned and controlled by residents’.
Need for New Umbrella Entities (NUEs)
Significance of New Umbrella Entities (NUEs)
By: Shubham Tiwari ProfileResourcesReport error
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