RBI to set up a five-member panel on new umbrella entity licenses

·         The Reserve Bank of India (RBI) has constituted a five-member committee to review applications and make recommendations on New Umbrella Entity (NUE) licences.

·         The five-member committee will be headed by RBI Chief General Manager P Vasudevan.

·         The new umbrella entities will set up their own payment structure to compete with the National Payments Corporation of India (NPCI).

Important facts:

About RBI

v  The First Governor of RBI was Sir Osborne Smith and the First Indian Governor of RBI was CD Deshmukh.

v  The First woman Deputy Governor of RBI was KJ Udeshi.

v  The only Prime Minister who was the Governor of RBI was Manmohan Singh.

v  Present Governor of RBI: Shaktikanta Das.