INSUBCONTINENT EXCLUSIVE:
Mumbai: The Reserve Bank of India (RBI) is considering the possibility of giving non-bank players, such as fintech and insurance companies,
direct access to processing RTGS and NEFT transactions in line with global best practices.
Citing the examples of the banking regulators of
England and Switzerland, the RBI said in its Financial Stability Report that an easing of access to Centralised Payments Systems (CPS) to
only standalone primary dealers, clearing corporations, central counterparties, retail payment system organizations, select financial
institutions such as NABARD, Export-Import Bank of India (EXIM Bank) and Deposit Insurance and Credit Guarantee Corporation (DICGC) can
access these systems.
Furthermore, the central bank also said that it is considering the possibility of introducing New Umbrella Entities
(NUE) for retail payment systems to function along with the National Payments Corporation of India (NPCI)