RBI extends dates to apply for NUE licence to March 31

The Reserve Bank of India (RBI) has decided to extend the last date to apply for a National Umbrella Entity (NUE) licence from February 26 to March 31.

This comes after the central bank received several requests from various stakeholders including Indian Banks’ Association to extend the timeline, it said in a statement.

"Keeping in view the COVID-19 related disruptions and inconveniences. It has been accordingly decided to extend the timeline for making the application up to March 31, 2021," RBI said.

NUE, as it is popularly known, is a new body that the RBI has envisioned to act as a settlement agency for digital payments. In simple words, the regulator wants to create multiple entities like the National Payments Corporation of India.