New Umbrella Entity, or NUE, is the Reserve Bank of India (RBI)'s attempt to introduce more competition and expansion in the digital payments space. As of now, the National Payments Corporation of India (NPCI) is the sole umbrella body for digital payments. The RBI has now invited applications to set up more umbrella entities, which will operate like NPCI. These entities will set up new payment systems in retail space, operate clearing and settlement systems and may even be permitted to participate in RBI's payment and settlement systems. The RBI deadline to apply for NUE was recently extended up to March 31, 2021.