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KRChoksey Research Report
The Reserve Bank of India allowed authorised non-bank payment system providers to participate in centralised payment systems, such as real-time gross settlement and national electronic fund transfer, as direct members.
In the first phase, authorised non-bank PSPs, viz. prepaid payment instrument Issuers, card networks and white label ATM operators shall be eligible to participate in CPS as direct members.
This access is only for NEFT and RTGS transactions and no other payment modes.
The effect of the RBI's decision will be that the non- bank institutions' reliance on banks would be reduced, and digital payments will gain traction.
We are seeing an increase in the volume of NEFT and RTGS transactions.
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