RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das2 min read . Updated: 07 Apr 2021, 12:07 PM IST
- Till now, only banks were allowed to use RTGS and NEFT payments facilities
- The aim is to encourage participation of non-banks across payment systems, the central bank said
Reserve Bank of India (RBI) on Wednesday extended the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities to non-bank payment system operators. Till now, only banks were allowed to use RTGS and NEFT payments facilities. Now, Prepaid Payment Instrument (PPI) issuers, card networks, White label ATM operators and Trade Receivables Discounting System (TReDS) platforms can use NEFT and RTGS modes.
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