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ARTICLE · 01 SEPTEMBER 2020

RBI Framework For Authorization Of Pan-India Umbrella Entity For Retail Payment

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The Reserve Bank of India (the "RBI") issued a Press Release on August 18, 2020, placing on its website a 'framework for authorization of pan-India umbrella entity for retail payments'...

IndiaCorporate/Commercial Law
Avimukt Dar
Avimukt Dar
Namita Viswanath
Namita Viswanath
Shreya Suri
Shreya Suri
Nilima Pant
Nilima Pant
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1. INTRODUCTION

The Reserve Bank of India (the "RBI") issued a Press Release on August 18, 2020, placing on its website a 'framework for authorization of pan-India umbrella entity for retail payments' (the "Framework")1 . The objective of the Framework is to set-up a pan-India umbrella entity/entities ("Umbrella Entity") focusing on the retail payment systems. The RBI has also invited applications for the Umbrella Entity till the closing of business on February 26, 2021.

The Umbrella Entity would primarily be responsible for setting up, managing and operating new payment system(s) in the retail space, including ATMs, White Label PoS, Aadhaar based payments and remittance services.

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