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RBI allows card networks, wallets to access RTGS, NEFT

In April, RBI had said that it would encourage participation of non-banks in Reserve Bank of India-operated Centralised Payment Systems (CPS) -- RTGS and NEFT systems -- in a phased manner

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Reserve Bank of India. File pic

Reserve Bank of India. File pic

The Reserve Bank of India (RBI) has decided to allow payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems.

This would be the first phase of its plan to bring non-banks in the same platform.

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