The Reserve Bank of India (RBI) on April 7 said Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities will now be extended to non-bank payment institutions, expanding the reach of the payment systems.
Membership of Centralised Payment Systems (CPSs) was so far restricted to banks.
"It is proposed to enable, in a phased manner, payment system operators, regulated by the Reserve Bank, to take direct membership in CPSs. This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments," the central bank said.
The Monetary Policy Committee (MPC) voted to maintain the repo rate at 4 percent and reverse repo rate at 3.35 percent, and retained the accommodative policy stance.
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