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RBI extends due date for NPCI-rival NUE - Times of India


RBI extends due date for NPCI-rival NUE
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RBI extends due date for NPCI-rival NUE
TNN / Updated: Feb 27, 2021, 12:11 IST
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(Representative image)
MUMBAI: The RBI has extended the deadline for submitting applications to set up a new umbrella entity (NUE) in the payments system that will rival the National Payments Corporation of India (NPCI). Earlier, interested parties were to submit their application by February 26, which has now been extended to March 31.
According to the RBI, it had received requests from various stakeholders to extend the timeline. “Keeping in view the Covid-related disruptions and inconveniences. It has been accordingly decided to extend the timeline for making the application,” RBI said in a statement. ....

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RBI extends deadline for NUE applications to March 31st


Updated Feb 26, 2021 | 16:07 IST
The NUE framework was unveiled in August last year, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company
RBI extends deadline for NUE applications to March 31st 
New Delhi: The Reserve Bank of India on Friday extended the deadline for New Umbrella Entity (NUE) applications to March 31st. The central bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020, and invited applications from desirous entities. 
Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021. The deadline has now been extended to March-end as various stakeholders including Indian Banks’ Association asked for an extension. ....

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Payment Cos. And Exec Seal Deals Over $7M Scam


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Payment Cos. And Exec Seal Deals Over $7M Scam
Law360 (January 25, 2021, 8:51 PM EST) An Arizona federal judge has granted judgments that bar two companies and one of their officers from engaging in payment processing and telemarketing, resolving a suit from the Federal Trade Commission that claims they took part in a $7 million scam.
U.S. District Judge Stephen M. McNamee signed the judgments and permanent injunctions Friday after the FTC alleged Electronic Payment Solutions of America Inc., Electronic Payment Services Inc. and an officer, Jay Wigdore, participated in a credit card laundering scheme.
Wigdore inked the deal with the FTC earlier this month. ....

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