Payments industry raises concerns over RBI's draft NUE framework In their responses to the Reserve Bank of India’s (RBI) draft framework on new umbrella entities (NUEs) for retail payments, entities in the payments sector took issue with the central bank's move to initiate a licensing process for NUEs before establishing a system of licensing for retail payment systems, according to a Financial Express report. Several other entities said it was a bad idea to exclude foreign players from holding controlling stakes in licensed NUEs, the report said. The RBI had proposed letting other umbrella entities besides the NPCI grab a piece of India’s burgeoning payments market in order to reduce concentration risks and promote competition. Consortiums led by Reliance, Tata, and Paytm were among many others. But the RBI decided to put issuing NUE licenses on hold and set up a five-member committee to study applications and submit recommendations. Read: New Umbrella Entity: Everything You Need To Know About NPCI’s Potential Rival(s) BigBasket offers one-hour delivery services of 8,000 products E-grocery store BigBasket is ready to launch BB Express, a one-hour delivery service with 7,500-8000 products, according to an Economic Times report. The service is set to go live next month and will be driven by the company's 62 large-scale dark storefronts. Bike will be used for most of the deliveries, the report said. Infosys to buy digital marketing agency for €50 million IT firm Infosys is looking to buy oddity, a digital marketing agency located in Germany, for 50 million euros (about…
- MediaNama Daily: It’s not you, it’s your data January 28, 2023
- Why is Google not fully complying with India’s orders, MapmyIndia CEO asks January 27, 2023
- Unique Identification Authority of India working on age verification through e-KYC January 27, 2023
- Views: Why India’s “indigenous” smartphone operating system BharOS is overhyped January 27, 2023
- Here’s why Twitter employees’ access to its ‘God Mode’ function is a problem January 27, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...