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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 i

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Horse figurines move on an Alfastreet Royal Derby horse-racing machine on display at the Global Gaming Expo Asia (G2E Asia) in Macau, China. (Photographer: Anthony Kwan/Bloomberg)
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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