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Committee will be Setup for NUE Licenses by RBI

Published on September 03, 2021
Current Context: The Reserve Bank of India (RBI) will be setting up a 5 members committee to scrutinize applications and suggest recommendations on New Umbrella Entity (NUE) licenses.
Committee will be Setup for NUE Licenses by RBI
  • The committee will be headed by P. Vasudevan, RBI chief general manager.
  • The members of the committee will look into various aspects of NUE right from the macroeconomic impact to the security risks levels.
  • All the suggestions recommended by the committee will be taken into consideration by the central bank before doling out the licenses.
  • The NUE will set up its own payment infrastructure which will compete with the National Payments Corp. of India (NPCI).
  • The New Umbrella Entities will be for-profit entities that will help to govern and manage payments in the retail sector. It will offer a range of retail payment services like ATMs, point of sale terminals, Aadhaar-based payments, and remittance services. It will also develop new payment methods.
  • The central bank has allowed the companies to frame NUE. This will end the domination of NPCI.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following to head the committee set up by RBI to suggest recommendations on New Umbrella Entity (NUE) licenses?
a. Kamal P Patnaik
b. P. Vasudevan
c. P. Shimrah
d. A B Dutta
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