RBI changes RTGS, NEFT payment rules - know details here The Reserve Bank of India said that it has allowed non-banks to participate in its CPS through RTGS and NEFT in a phased manner. Share Updated: Jul 29, 2021, 07:50 AM IST The Reserve Bank (RBI) authorised non-bank payment system providers (PSPs) to participate in centralized payment systems (CPS) such as its Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) System, on Wednesday (July 28). The Reserve Bank said that it would be implemented in a phased manner. In a notification that the RBI issued on Wednesday, it said that on a review of extant arrangements and after detailed discussions with PSPs, it is advised that, "in the first phase, authorised non-bank PSPs, viz. PPI issuers, card networks and white label ATM operators shall be eligible to participate in CPS as direct members".