Central Banking

India announces payments overhaul


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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