RBI shelves NUE, the UPI rival project
Shortpedia
Content Team
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The Reserve Bank of India (RBI) has shelved its project to create an alternative for the UPI. Dubbed NUE, or New Umbrella Entity, the project was supposed to alleviate the stress on UPI, which currently processes over eight billion transactions every month. The RBI first invited bids to set up the new retail payment system in 2020. The central bank then extended the deadline in 2021 due to COVID-related disruptions.
