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India: RBI invites comments on framework for retail payment systems entity

The Reserve Bank of India ('RBI') issued, on 10 February 2020, a draft framework for the authorisation of a pan-India new umbrella entity ('the NUE') for retail payments systems ('the Framework'), and invited comments on the same. In particular, the Framework outlines that the NUE would set up, manage, and operate new payment systems in the retail space, including but not limited to, ATMs, white label Point of Sale, and Aadhaar-based payments and remittance services. In addition, the Framework outlines, among other things, that the NUE will develop new payment methods and standards and technologies, monitor related issues in India and internationally, and operate clearing and settlement systems.

Comments can be submitted by 25 February 2020 by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or via email to [email protected].

You can read the press release here.