Central Banking

India announces payments overhaul

rbi-tower

The Reserve Bank of India on Thursday unveiled proposals for five new initiatives aimed at overhauling the country's payments system.

The central bank said it planned to introduce a new RTGS system; a round-the-clock means of funds transfer, a domestic card initiative and a mobile payments settlement network. The Reserve Bank further proposed redesigning electronic clearing service to function as a true automated clearing house.

The new RTGS system would, the central bank said, enable it to "lev

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