Current Affairs- RBI Publishes Draft Framework for New Payment System in India

RBI has invited comments on the draft framework of the New Pan Payment System. Check the details here.

Reserve Bank of India published a draft framework for authorisation of new Pan-India umbrella organization for retail payment systems. This new umbrella entity shall be a company subsumed in India under the Companies Act, 2013. The Company will be a ‘For-Profit’ or a Section 8 Company as may be decided by it.

The Central Bank has invited comments for the drafted New Pan Umbrella Organisation.

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Who can be the umbrella entity?

  • The NUE (New-Pan Umbrella Entity) will be a Company authorised by Reserve Bank of India (RBI) under Section 4 of the PSS Act, 2007.
  • It shall be governed by the provisions of the PSS Act and other relevant statutes and directives
  • The entity who wants to apply as promoter / promoter group for the NUE shall be ‘owned and controlled by residents with 3 years’ experience in the payments ecosystem as Payment System Operator (PSO) / Payment Service Provider (PSP) / Technology Service Provider (TSP).
  • The shareholding pattern will be in a diversified manner.
  • Any entity holding more than 25% of the paid-up capital of the NUE (New-Pan Umbrella Entity) will be deemed to be a Promoter.

Capital Needed for NUE (New-Pan Umbrella Entity)

NUE (New-Pan Umbrella Entity) shall have a minimum paid-up capital of Rs 500 crore to address the need of capital for risk management, technological infrastructure investment, and business operations, etc. No single promoter shall have investment of more than 40%. The promoters shall not have capital of less than 10% i.e. Rs 50 crore at the time of making an application for stetting up of entity. A minimum net value of Rs 300 crore shall be maintained at all the times.


The NUE shall conform to the norms of corporate governance along with ‘fit and proper’ criteria for persons to be appointed on its Board. The Reserve Bank has the right to approve the appointment of Directors and will also have the right to nominate a member on the Board of the NUE.

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