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    RBI shelves plan for NUE

    Synopsis

    "The objective was to introduce an innovative infrastructural value-added facility into the system, our digital ecosystem is already quite active and innovative, we just wanted to bring in new ideas," said T Rabi Sankar, deputy governor of RBI. "We did not want something that is either incremental or a substitute for existing ideas or technologies. Of the proposals that we have received, we did not see any innovative solution that had come up. So that's where it lies."

    RBI shelves plan for NUEAgencies
    The Reserve Bank of India on Thursday said it would not go ahead with the plan for a New Umbrella Entity (NUE) as the business proposals received from prospective applicants did not present any new idea.

    ET was the first to report on January 7 that the regulator had put the licensing process on hold as the six consortiums had fallen short of the RBI's expectations.

    "The objective was to introduce an innovative infrastructural value-added facility into the system, our digital ecosystem is already quite active and innovative, we just wanted to bring in new ideas," said T Rabi Sankar, deputy governor of RBI. "We did not want something that is either incremental or a substitute for existing ideas or technologies. Of the proposals that we have received, we did not see any innovative solution that had come up. So that's where it lies."



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