Central Banking

RBI to give some non-banks access to payments systems

Indian central bank to allow non-bank payment service providers to use payments architecture


The Reserve Bank of India will start allowing some non-bank payment services providers to use two key national payments systems.

The RBI also announced it will switch off its real-time gross settlement (RTGS) system for 14 hours on April 18 while it undergoes a technical upgrade.

On April 7, the central bank said it would expand access to both its RTGS and National Electronic Funds Transfer (Neft) systems to regulated, non-bank payment service providers. Access will be granted in a “phased

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