INSUBCONTINENT EXCLUSIVE:
RBI has allowed non-bank entities to participate in central payment systems like NEFT, RTGSThe Reserve Bank of India (RBI) has allowed
and by giving these entities access to the central payment systems (CPS), the central bank is aiming to lay emphasis on increasing digital
payments."Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem
It also brings advantages to non-banks like reduction in cost of payments, minimising dependence on banks, reducing the time taken for
completing payments, eliminating the uncertainty in finality of the payments as the settlement is carried out in central bank money, etc,"
the RBI said in a notification sent to heads of all non-bank payment system providers.It further added that the risk of failure or delay in
execution of fund transfers can also be avoided when transactions are directly initiated and processed by non-bank entities.Till now, only a
