RBI allows card networks, wallets to access RTGS, NEFT
By IANS |
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
New Delhi, July 29 : The Reserve Bank of India (RBI) has decided to allow payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems.
This would be the the first phase of its plan to bring non-banks in the same platform.
In April, RBI had said that it would encourage participation of non-banks in Reserve Bank of India-operated Centralised Payment Systems (CPS) RTGS and NEFT systems in a phased manner.