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Retail payment systems: IBA may seek clarity on whether banks can be part of both NPCI, NUE March 04, 2021 × NPCI is a ‘not for profit’ company, while NUE may be a ‘for profit’ company; the latter’s entry may see consumers pay more for digital banking services, say insiders The Indian Banks’ Association (IBA) may seek regulatory clarity on whether banks already holding stake in the National Payments Corporation of India (NPCI) can be part of a consortia for setting up a New Umbrella Entity (NUE) for retail payment systems. Though NPCI, India’s only umbrella organisation for operating retail payments and settlement systems, is a ‘not for profit’ company under Section 8 of Companies Act 2013 and NUE will in all probability, be a ‘for-profit’ company, banks want to be sure that the regulator has no objection to them holding stake in two organisations in the same line of business.

Axis bankDena bankCanara bankIndian bank associationPunjab national bankNational payments corporation of indiaVijaya bankKotak mahindra bankUnion bankReliance industriesNational payments corporationNew umbrella entityCompanies actTata sonsJio platformsIndian banks association