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…
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