On Wednesday, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india [RBI] gave non-bank payment system providers [PSPs] permission to participate in centralised payment systems [CPS[ such as the Real Time Gross Settlement [RTGS] and the National Electronic Fund Transfer [NEFT] System. The Reserve bank stated that it will be phased in overtime. Authorized PPI issuers, card networks, and white label ATM operators will be eligible to join as direct members in the first phase.

Non-banks will be permitted to utilise CPS like RTGS and NEFT, but only in stages, according to the RBI. They are attempting to increase access to the payment system in order to speed up wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payments. Authorized non-bank PSPs, such as PPI issuers, card networks, and white label ATM operators, will be direct members in the first phase and will be allowed to use CPS.

Selected financial institutions, such as freestanding main dealers, clearing corporations of stock exchanges, central counterparties, retail payment system organisations, NABARD, EXIM bank, and DICGC, have been granted membership/access to CPC. Non-banks having direct access to CPS will be given a different IFSC to use to create a current account with the Reserve bank using its Core banking System (e-Kuber).

Direct access to non-banking entities' CPS, according to the RBI, will decrease payment system risk. As a result, their payment expenses will be lower, and their reliance on banks will be reduced. The danger of payment failure will be decreased when non-banks are permitted to make direct payments.

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RBI

Kailas Ashwin Sathish

29/07/2021 11:17 AM