ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • FIIs buy shares worth Rs 3,040 cr on August 12, highest this month; net purchase at Rs 14,841.66 crore
  • Independence Day Special: How investment habits, preferences of people have changed over the past 75 years
  • Laal Singh Chaddha Vs Raksha Bandhan box office collection: How much money Aamir Khan, Akshay Kumar movies made in two days
  • Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert de
  • 31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities
Read in App
Business News » India News

RBI proposes to relax norms for new players' entry in retail payment systems

RBI) Monday proposed to relax norms for entry of new players in the retail payment systems with a view to give a boost to innovation and competition.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
RBI proposes to relax norms for new players' entry in retail payment systems
The RBI has been issuing guidelines for various payment systems and grants authorisation to non-banks for setting up and operating payment systems. Image source: Reuters

The Reserve Bank of India (RBI) Monday proposed to relax norms for entry of new players in the retail payment systems with a view to give a boost to innovation and competition. The RBI has been issuing guidelines for various payment systems and grants authorisation to non-banks for setting up and operating payment systems.

Licensed banks also need to obtain specific permission from Reserve Bank for setting up and operating a payment system. At the end of 2018, there were 89 authorised non-bank Payment System Operators (PSOs). The RBI's policy paper on 'Authorisation of New Retail Payment Systems' proposes a multi-pronged policy action for a more appropriate level of retail payment systems and operators.

With regard to entry point norms for entities, the paper said a judicious approach needs to be adopted with regard to networth criteria. "For all payment systems it would be desirable that they have (a) physical presence in the country, (b) impeccable track record, and (c) are likely to conform to the best overall standards, including those pertaining to customer service and efficiency," the paper said.

It also makes a case for alignment of regulatory framework to encourage enhanced participation of both bank and non-bank entities. Earlier in June last year, the RBI had announced that it would encourage more players to participate in and promote pan-India payment platforms and would bring out a policy paper.

The objective, it said was to minimise the concentration risk in the retail payments market from a financial stability perspective and to give a fillip to innovation and competition. The central bank has invited comments on the policy paper by February 20. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
RBI
Written By: PTI
Updated: Tue, Jan 22, 2019
07:01 am
PTI
RELATED NEWS
Industry says new digital lending norms to help them scale up, become more responsible Industry says new digital lending norms to help them scale up, become more responsible
Next Bank Holiday August 2022: Independence Day on Monday; here is a full list of holidays this month in major Indian cities Next Bank Holiday August 2022: Independence Day on Monday; here is a full list of holidays this month in major Indian cities
RBI tightens norms for digital lending to prevent charging of exorbitant rates RBI tightens norms for digital lending to prevent charging of exorbitant rates
Banks cannot perennially rely on RBI money to support credit offtake: Governor Shaktikanta Das Banks cannot perennially rely on RBI money to support credit offtake: Governor Shaktikanta Das
RBI MPC: Affordable housing to get hit in near term, say experts; disposable income, pent-up demand to drive sector RBI MPC: Affordable housing to get hit in near term, say experts; disposable income, pent-up demand to drive sector

LATEST NEWS

Delhi Metro Update For Independence Day 2022: What DMRC said on train service, routes and parking | Full details here

Hinduja Global Solutions Q1 results: Profit at Rs 73.2 cr; firm says strong demand for 'customer experience' biz

Raju Srivastava health update: What hospital, family members said

Corporate tax collection jumps 34% in April-July this year, says Income Tax Department

IDBI stake sale: Divestment department working on it but no timeline from govt for selling stake, says LIC chairman

Tesla stock split date 2022 news: Record date, split ratio, history, TSLA Nasdaq share price - All details

31 new malls coming soon in India: Set to spawn massive jobs, employment opportunities

South Central Railways gets first train with Vistadome coach: What you need to know about features of this coach

HDFC Bank, HDFC Ltd get CCI's nod for merger

Har Ghar Tiranga: Here's how you can buy the national flag from Indiapost online this Independence Day

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV