To address the ‘risk concentration’ of only one platform and offer consumers more options, the RBI in 2020 invited private companies to bid for a license to set up a new platform.
• NUE (New Umbrella Entity), a digital platform which will be for-profit and be allowed to charge fees for online transactions, unlike the existing system
• The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts
Category: BBPOU
RBI allows RRBs to act as merchant acquiring banks using Aadhaar Pay – BHIM app and POS terminals.
RBI launches new prepaid payment instrument for digital transactions up to Rs 10,000. The amount loaded in such PPIs during any month will not exceed Rs 10,000 and the total amount loaded during the financial year will not exceed Rs 1,20,000.
Reserve Bank issued instructions on ‘on tap’ authorisation to entities desirous to function / operate / provide platforms for Bharat Bill Payment Operating Unit (BBPOU); Trade Receivables Discounting System (TReDS); and White Label ATMs (WLAs).