RBI in fintech and 24/7 payments drive

Reserve Bank of India in Mumbai
Photo: RBI

The Reserve Bank of India (RBI) has unveiled a package of fintech reforms, including a move to operate its electronic payments system at all times by the end of the year in an effort to solidify India’s adoption of digital payments.

Governor Shaktikanta Das said yesterday (August 7) that the RBI planned to “revolutionise the retail payments system of the country” by operating its National Electronics Funds Transfer (Neft) payment system on a 24/7 basis from December. Currently, Neft operates

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