RBI has issued a circular for access of non-banks to centralised payment systems

Jul 29, 2021 | by Avantis RegTech Legal Research Team

Loading audio.....

Finance & Taxation Compliance

The Reserve Bank of India (RBI) on July 28, 2021 has issued a circular for the access for non-banks to centralised payment systems.

Direct access for non-banks to CPS lowers the overall risk in the payment’s ecosystem. It also brings advantages to non-banks like reduction in cost of payments, minimising dependence on banks, reducing the time taken for completing payments, eliminating the uncertainty in finality of the payments as the settlement is carried out in central bank money, etc. The risk of failure or delay in execution of fund transfers can also be avoided when the transactions are directly initiated and processed by the non-bank entities.

[Circular No. DPSS.CO.LVPD No.S290/04.04.009/2021-22]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.