In a major move in the online payments segments, the Reserve Bank of India (RBI) has decided to allow payment system operators to take direct membership of Centralised Payment Systems (CPS), such as RTGS and NEFT. Membership in Centralised Payment Systems (CPS) RTGS and NEFT for entities other than banks are so far limited to banks, with a few exceptions, such as specialised entities like clearing corporations and select development financial institutions.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The RBI noted that over the last few years, the role of non-bank entities in payment space such as prepaid payment instrument (PPI) issuers, card networks, white label ATM (WLA) operators, Trade Receivables Discounting System (TReDS) platforms, has grown in importance and volume, as they have innovated by leveraging technology and offering customised solutions to users.
National News BRICS adopts Indore Declaration Under India’s chairship, the 16th BRICS Agriculture Ministers’ Meeting…
Smriti Mandhana has emerged as one of the biggest stars in the world cricket as…
Iranian Parliament Speaker Mohammad Bagher Ghalibaf has emerged as one of the most prominent figures…
The Reserve Bank of India (RBI) has introduced the significant changes to the foreign investment…
The Navi Mumbai International Airport and the new terminal of Guwahati Airport have been included…
Honorable Prime Minister Narendra Modi paid the historic State Visit to Slovakia on 15th June…