RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das
3 years, 8 months ago

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das

Live Mint  

Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators. Now, Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use NEFT and RTGS modes. 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. This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments," RBI governor Shaktikanta Das said.

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