Unicorn club Growws
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Groww, the online investment platform, is the latest Indian startup to hit a $1-billion valuation. That makes it the fourth unicorn this month, and we’re just a week in.
Also in this letter:
Trifecta launches Rs 1,500-crore fund
Apple to enforce new privacy rules for apps
Now, Groww valued at $1 billion
GIF Credit: Tenor
India s startup unicorn club continues to grow, or rather, Groww. While the first three months of 2021 saw four entrants to the coveted club, an identical number of startups have booked the place in just the past week. Online investment platform Groww is the latest member.
RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
The RBI s proposal to extend NEFT and RTGS money transfer facilities will be a big boost to digital payment services. Here is all you need to know:
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UPDATED: April 7, 2021 13:00 IST
The central bank said that the aim is to encourage participation of non-banks across payment systems. (Photo: Reuters)
The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities will be extended to non-bank payment system operators.
As of now, only banks were allowed to use RTGS and NEFT payment facilities. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument (PPI) issuers, card networks, white-label ATM operators and Trade Receivables Discounting System (TReDS) platforms.
RBI allows RTGS, NEFT facilities to non-banking payment firms
The RBI today announced that it is proposing to enable non-bank payment systems like PPIs, card networks, wide-level ATM operators, among others to take direct membership in the Centralised Payment Systems
BusinessToday.In | April 7, 2021 | Updated 12:33 IST
The RBI also increased the maximum end-of-day balance limit for payment banks to Rs 2 lakh. Earlier, the limit was Rs 1 lakh
The Reserve Bank of India on Wednesday expanded Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities to non-bank payment system firms. The move could potentially benefit users of fintech firms such as Paytm, PhonePe, and others.
Decoding RBI s new digital payments moves and their impact on fintech ecosystem
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Synopsis
The central bank governor Shaktikanta Das in his Monetary Policy Committee (MPC) address said that fintech companies such as prepaid instrument issuers (PPIs), card networks and TReDS operators, among others, will now be allowed to become members of its centralised payment systems such as RTGS and NEFT.
RBI Policy: Impact of a zero rate cut, interoperability between prepaid payments instruments
The Reserve Bank of India (RBI) on Wednesday announced a slew of measures for digital payments such as allowing
fintech companies to process RTGS and NEFT transactions, and also set new norms on interoperability and cash withdrawal facilities for digital payment wallets.
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NEFT, RTGS money transfer services extended beyond banks.
The Reserve Bank of India (RBI) on Wednesday (April 7) extended National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities beyond banks. RBI Governor Shaktikanta Das announced that the services can now be used by non-bank payment operators as well. So far, only banks were allowed to use these (RTGS and NEFT) payments facilities.Â
Now, the issuers of Prepaid Payment Instrument (PPI), card networks, White label ATM operators and Trade Receivables Discounting System (TReDS) platforms can use these two modes.
As mentioned, this change has been made in order to encourage participation of non-banks across payment systems.