The Reserve Bank of India's move to allow new umbrella entities (NUEs) for operating pan-India retail payments systems has put pressure on the National Payments Corporation of India (NPCI) to continue its innovation, its MD and CEO Dilip Asbe said.
"With this whole NUE conversation, there is a lot of pressure on the NPCI to kind of continue the innovation journey, and I fully agree (with RBI) that we need more innovation in the payments system, options for the customers, more power to the customers while doing the digital payments," MoneyControl quoted Asbe as saying at a virtual event organised by Paytm.
Asbe said the move has put a lot of pressure on NPCI's management team and 1,000 employees, adding that the company believes it needs to do more as the game has just started.
NPCI is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of RBI and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
NPCI operates payment systems like Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Bill Payment System, among others.
In August last year, the central bank had unveiled the framework for setting up umbrella entities for operating pan-India retail payments systems and invited applications from eligible companies by February 26, 2021. The deadline was later extended till March 31 due to the coronavirus pandemic.