Reserve Bank of India publishes outline for new India-wide payment system

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The central bank has asked all stakeholders to submit comments on the draft framework by 25 February.

Reuters

updated:February 11, 2020, 8:26 am

Reserve Bank of India publishes outline for new India-wide payment system
Image for illustration.

Mumbai: The Reserve Bank of India (RBI) released a draft framework for the approval of a new India-wide umbrella organization for retail payment systems on Monday.

The Central Bank requested comments from all stakeholders on the draft framework by 25 February. The National Payments Corporation of India (NPCI) is currently an umbrella organization for retail payment systems.

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