RBI extends deadline to submit applications for entity like NPCI

The Reserve Bank of India (RBI) has extended the deadline to March  31 for all applications to create an umbrella entity like the National Payments Corporation of India (NPCI).

The stakeholders for the application asked the RBI to extend the deadline. The original deadline was 26th February. The bank made a statement and said, “Requests have been received from various stakeholders, including the IBA, for extending the timeline, keeping in view the COVID-19 related disruptions and inconveniences. It has accordingly decided to extend the timeline for making the application to March 31.” Last year RBI released the framework for the New Umbrella Entity (NUE).

RBI is planning to set up a parallel entity like the NPCI that works with UPI payments and also comes up with innovations in terms of payments. Currently, around four consortiums have shown interest in this, namely Axis Bank, Amazon, Visa, and ICICI Bank.

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