MENU

Published on 29/07/2021 10:25:47 AM | Source: Accord Fintech

RBI allows authorised non-bank payment system providers to participate in centralised payment systems

Posted in Economy News| #RBI #Economy #Banking Sector

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

The Reserve Bank of India (RBI) said that it allowed authorised non-bank payment system providers (PSPs) to participate in centralised payment systems (CPS), such as real-time gross settlement (RTGS) and national electronic fund transfer (NEFT), as direct members. PSPs include prepaid payment instrument (PPI) issuers, card networks, white label ATM (WLA) operators and trade receivables discounting system (TReDS) platforms.

The RBI said that on a review of extant arrangements and after detailed discussions with PSPs, it is advised that, in the first phase, authorised non-bank PSPs, viz. PPI issuers, card networks and white label ATM operators shall be eligible to participate in CPS as direct members. In April 2021 monetary policy, the RBI had announced that it will encourage participation of non-banks in the RBI-operated CPS-RTGS and NEFT systems, in a phased manner.

The RBI said direct access for non-banks to CPS lowers the overall risk in the payments ecosystem. It also brings advantages to non-banks like reduction in cost of payments, minimising dependence on banks, reducing the time taken for completing payments, eliminating the uncertainty in finality of the payments as the settlement is carried out in central bank money. The risk of failure or delay in execution of fund transfers can also be avoided when the transactions are directly initiated and processed by the non-bank entities.

betvakti elexusbet gorabet maksibet maltcasino milosbet quennbet setrabet atlantisbahis artoscasino dumanbet elitbahis fashionbet favoribahis hiltonbet liderbahis oslobet romabet vegabet yorkbet kalebet bet10bet bahislion bahislion bahislion betpark dakikbet dumanbet fenomenbet holiganbet kalebet kolaybet lordbahis olabahis onwin piabet pusulabet süper10bet vipbahis supertotobet mariobet bahigo bahis siteleri güvenilir bahis siteleri kaçak bahis siteleri betist 1xbet asyabahis betebet betgaranti betlike betvole ligobet pinbahis polobet verabet