RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
3 years, 8 months ago

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here

India Today  

The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer and Real-Time Gross Settlement facilities will be extended to non-bank payment system operators. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument issuers, card networks, white-label ATM operators and Trade Receivables Discounting System platforms. It is now proposed to enable non-bank payment system operators like Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms regulated by the Reserve Bank, to take direct membership in CPSs,” said RBI Governor Shaktikanta Das. “To reinforce this trend and encourage the participation of non-banks across payment systems, it is proposed to enable, in a phased manner, payment system operators, regulated by the Reserve Bank, to take direct membership in CPSs,” RBI said.

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