CURRENT AFFAIRS

Detailed explanation-1: -The NUE, like the NPCI is supposed to be responsible for setting up, managing and operating new retail digital payment systems. It will also manage clearing and settlement systems and undertake initatives to strengthen the digital payments ecosystem in the country.

Detailed explanation-2: -The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.

Detailed explanation-3: -The five-member committee will be chaired by RBI chief general manager P Vasudevan. The New Umbrella Entities will set up their own payment infrastructure to compete with the National Payments Corp. of India (NPCI).

Detailed explanation-4: -The five-member committee will be headed by RBI chief general manager P Vasudevan, they said. NUEs will establish their own payment infrastructure to compete with National Payments Corp.