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RBI Sets The Stage For A Competitor To NPCI. But Why?
RBI has proposed an alternative retail payments system, a move that potentially breaks NPCI’s 11-year-old monopoly.
13 Feb 2020, 02:14 PM IST
The National Payments Corporation of India, which enables the country’s digital payment and settlement systems, is set to get a competitor after operating as a monopoly for the last eleven years of its existence. What more? The competitor will have the blessings of the Reserve Bank of India, which created NPCI as well.In a set of draft guidelines issued on Feb.10, the banking regulator said it would seek applications for a ‘New Umbre...
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