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Which institution is to set up a new Umbrella entity for retail payments?
A)
Indian Banks Association
B)
Reserve Bank of India
C)
Securities Exchange Board of India
D)
National Payment Corporation of India

Correct Answer :   Reserve Bank of India


The Reserve Bank of India (RBI) has released the framework for setting up of a new umbrella entity for retail payments.
It will operate as a ‘for-profit’ company that will have minimum paid-up capital of Rs 500 crore. It will set up and operate the payment systems such as ATMs, white-label PoS and Aadhaar-based payments. The company will also manage clearing and settlement systems of banks/ non-banks.

Published On : July 18, 2021
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