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RBI working committee in favour of setting up NPCI-type agency for fintechs

RBI panel favours new structure for better supervision

Fintech | NPCI | United Payments Interface

Hamsini Karthik  |  Mumbai 

digital payments, online, mobile, smartphone, ncpi, upi, fintech
Incorporated as a not-for-profit company in 2008, 10 banks, including State Bank of India, Punjab National Bank, Canara Bank, HDFC Bank, ICICI Bank, Citibank, and HSBC, were core promoters of NPCI

The newly-formed working committee of the (RBI) is in favour of setting up an agency which will act as an umbrella institution for financial technology (fintech) firms in view of growing complaints against the collection and recovery practices deployed by some applications (apps).



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First Published: Wed, January 20 2021. 06:10 IST