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No RTGS service for 14 hours on Apr 18, NEFT will be operational: RBI

No RTGS service for 14 hours on Apr 18, NEFT will be operational: RBI
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NEFT: Fintech firms will soon process NEFT, RTGS payments

Explore Now The Reserve Bank of India (RBI) on Wednesday announced a slew of measures for digital payments such as allowing fintech companies to process RTGS and NEFT transactions, and also set new norms on interoperability and cash withdrawal facilities for digital payment wallets. These measures are aimed at leveling the playing field for non-bank payment operators and banks, while also reducing settlement risks by widening the ecosystem. This means that companies such as Paytm, Visa, Mastercard and PhonePe among others will soon be able to process RTGS and NEFT payments. The central bank governor Shaktikanta Das in his Monetary Policy Committee (MPC) address said that fintech companies such as prepaid instrument issuers (PPIs), card networks and TReDS operators, among others, will now be allowed to become members of its centralised payment systems, such as RTGS and NEFT.

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RBI to mandate interoperability among prepaid payments instruments: Governor Shaktikanta Das

Making its displeasure on prepaid payments instruments issuers not adopting interoperability, the Reserve Bank on Wednesday (April 7) said it will make it mandatory for such companies to make provisions for letting their customers transact with others after doing a full-KYC (know your customer). The central bank also doubled the maximum balance a single account in a payments bank can carry to Rs 2 lakh at the end of the day. Governor Shaktikanta Das on Wednesday said prepaid payments instruments (PPIs) were given the option to become interoperable, wherein customers of one company can send funds to customers of other PPIs or banks, in 2018 in cases where a full KYC is done.

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RBI decides to open up RTGS, NEFT for payment system operators

RBI decides to open up RTGS, NEFT for payment system operators By IANS | 8 Views RBI decides to open up RTGS, NEFT for payment system operators. Image Source: IANS News Mumbai, April 7 : 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.

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RBI to set up panel for reviewing ARCs: Shaktikanta Das

RBI to set up panel for reviewing ARCs: Shaktikanta Das It is proposed to constitute a committee to undertake a comprehensive review of the working of ARCs in the financial sector ecosystem, RBI Governor Shaktikanta Das said PTI | April 7, 2021 | Updated 14:17 IST RBI Governor Shaktikanta Das To facilitate smooth functioning of Asset Reconstruction Companies (ARCs), the Reserve Bank on Wednesday decided to set up a panel to undertake a comprehensive review of the working of such institutions. In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets. After enactment of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act in 2002, regulatory guidelines for ARCs were issued in 2003 to enable development of this sector and to facilitate smooth functioning of these companies.

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