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RBI opens NEFT, RTGS for non-bank phases

July 29, 2021

RBI opens NEFT, RTGS for non-bank phases

Authorized non-banks payment system providers including prepaid payments issuers, card networks and white label ATM operators will be eligible to participate in central payment systems like RTGS and NEFT in the first stage, as indicated by the Reserve Bank of India (RBI).

By extending access to payment systems to more entities, the national bank is looking to give impetus to digital payments.

According to RBI’s notice on “access for Non-banks to Centralized Payment Systems” to authorized non-bank payment system providers (PSPs), non-banks incorporate entities like PSPs and NBFCs that are controlled by Reserve Bank as also entities that are under the remit of other financial sector regulator like PFRDA, IRDAI, SEBI.

As of now, aside from banks, very few select non-banks have been given approval to take an interest in CPS up until this point. Banks have been offering the types of assistance to non-banks for their payment and settlement needs.

“Direct access for non-banks to CPS brings down the overall risk in the payments ecosystem,” RBI noted.

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Banking and FinanceBusinessCurrent AffairsNEFTRBI

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