Thanks Ateesh. I'll admit that thought crossed my mind when I looked at it. But the basis for his questions are very valid. That's why I picked up this story. The relationship between RBI and NPCI is not clear even after all thes years. it is not just a legal question, but as the economist pointed out if NPCI can take the role of a state agency where it exercises limiting market share, how many users a company can roll out its service to, etc, that is the work of a regulator. If NPCI is not a regulator but acts like one, the implications for the sector are different. It may seem like a legal quibble, but IMHO, it decides the fate of companies and competitve landscape.