Central Banking

RBI sees scope for Giro payments system


A Reserve Bank of India committee has proposed adopting a Giro payments system to "streamline the bill payment process" in the country.

In a report released yesterday, the committee deemed the existing payments infrastructure "safe and robust", but said it failed to "fully address the needs" of consumers to pay their bills.

Under the existing set-up, consumers must pay bills directly at the billers' own collection point or through an agent, the latter of which are commonly mistrusted.


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