A New Umbrella Entity (NUE) is an in-process non-profit fintech entity, which would come in as the direct competitor to the National Payments Corporation of India (NPCI). Just like NPCI, NUE will manage payment systems and networks and offer other similar services. The minimum paid-up capital amount for NUE is fixed at Rs 500 crore. The Reserve Bank of India (RBI) had invited applications from global tech leaders to set up NUE. Companies like Facebook, Google, Amazon, Tata Group and others had applied for the license to set up NUE but according to the central bank, it didn't find any innovative proposal.