 "online, digital, payments, mobile, app, card, credit, debit, pos")
The Reserve Bank of India (RBI) on Tuesday released the framework for establishment of a new umbrella entity for retail payments. This entity will be tasked with setting up, managing, and operating new payment systems in the retail space. It may operate as a ‘for-profit’ organisation, the RBI said.
“The entity formed shall be a company incorporated in India under the Companies Act, 2013, and may be a ‘for-profit’ or a Section 8 Company as may be decided by it,” the RBI said.
According to the RBI guidelines, the entity will have minimum paid-up capital of Rs 500 crore, with no single
