RBI has approved fintech companies, payment companies to be part of Centralized Payment Systems-RTGS and NEFT.
The central bank RBI has taken an important decision in the first monetary policy for the financial year 2021-22. RBI has approved fintech companies, payment companies to be part of Centralized Payment Systems-RTGS and NEFT. This means that now digital payment companies will also be able to facilitate fund transfer through RTGS and NEFT. Apart from this, the biggest relief is the central bank has increased the account limit to Rs 2 lakh for prepaid payment instruments (PPIs) like Paytm-PhonePe. Earlier this limit was 1 lakh rupees. Paytm and PhonePe users will get a big benefit from this. However, only those whose KYC is done will get this benefit.
Non-Bank Payment Systems Approved to Join RTGS and NEFT
The central bank RBI has approved joining the centralized payment system RTGS and NEFT with non-bank payment system. Now customers of fintech and payment companies will be able to transfer funds through them. Earlier this facility was available only to banks and exceptionally to customers of some other non-banks. With this proposal of RBI, non-bank payment systems like PPIs, card networks, wide level ATM operators will also be able to subscribe to RTGS and NEFT operated by the central bank.
Through RTGS (Real Time Gross Settlement), an amount of more than Rs 2 lakh can be transferred at any time i.e. 24 hours. Apart from this, funds up to Rs 2 lakh can be transferred through NEFT (National Electronic Fund Transfer).
RBI Monetary Policy: RBI has not changed rates, repo rate remains at 4%; GDP growth may remain 10.5% in FY22
No change in interest rates
In the current financial year 2021-22, the RBI has kept the interest rates unchanged in the announcement of its first monetary policies. The repo rate has been kept constant at 4 per cent. Apart from this, there is no change in reverse repo rate also and it has been maintained at 3.35 percent. Even before this, there was no change in interest rates in February.
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