RBI allows ‘non-bank payment system providers’ to participate in centralized payment systems

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  • Last Updated on 30 July, 2021

centralised payment systems

CIRCULAR NO. RBI/2021-22/73 DPSS.CO.LVPD NO.S290/04.04.009/2021-22, Dated 29.07.2021

The Reserve Bank of India (RBI) has allowed ‘Non-Bank Payment System Providers’ to participate in centralized payment systems such as RTGS and NEFT. On a review of extant arrangements and after detailed discussions with Payment System Providers (PSPs), the RBI has decided to allow in a phased manner, non-bank Payment System Providers’ (PSP)s, viz. Prepaid Payment Instrument (PPI) Issuers, Card Networks, and White Label ATM Operators to participate in centralized payment systems as direct members. However, till now only banks were allowed to use RTGS and NEFT payment facilities.

Read the Full Circular Here

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