Friday, 24 March, 2023

RTGS, NEFT can be accessed by non-bank payment service providers

<p>Non-bank PSPs have been authorised to access the NEFT, RTGS by RBI. The PSPs will be eligible to participate in CPS as direct members in the first phase. Risk or delay of fund transfer will also be avoided and customer data will be protected since non-banks can do transactions themselves. A new IFSC will be allocated to such non-banks and a current account will be opened with RBI in its core banking system.</p>