RBI Defers Its Plans To Distribute Licence For NUEs

RBI Defers Its Plans To Distribute Licence For NUEs

SUMMARY

RBI has put its plans to allow private establishments create digital payment platforms on hold due to data safety norms

There were at least six conglomerates including Amazon, Google, Facebook and Tata Group, who were bidding for the NUEs license

Public sector banks like SBI and Union Banks were prohibited from seeking licences by the finance ministry as they were shareholders of NPCI

The Reserve Bank of India (RBI) has put a hold on its plans to allow private establishments to create digital payment platforms owing to data safety concerns, report suggests.

While National Payments Council of India’s (NPCI) monopoly remains unhinged, there were at least six conglomerates, including Amazon, Google, Facebook and the Tata Group, who were eyeing for a slice of the market. 

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