NEFT system has achieved a milestone on February 29, 2024, by processing 4,10,61,337 transactions, the highest number of transactions processed in a day so far.

It has come to the notice of Reserve Bank of India that a Card Network had an arrangement that enables businesses to make card payments through certain intermediaries, to entities that do not accept card payments. 2. Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients.

Reserve Bank of India and Nepal Rastra Bank today signed and exchanged Terms of Reference for integration of fast payment systems of India and Nepal, viz., Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal, respectively.  The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers.

Hon’ble Prime Minister of India, Shri Narendra Modi, Hon’ble Prime Minister of Mauritius, Mr. Pravind Kumar Jugnauth, and Hon’ble President of Sri Lanka Mr. Ranil Wickremesinghe today witnessed the virtual launch of RuPay cards and Unified Payments Interface (UPI) connectivity between India and Mauritius, as well as UPI connectivity between India and Sri Lanka. Reserve Bank of India Governor, Shri Shaktikanta Das, Bank of Mauritius Governor, Mr. Harvesh Seegolam, and Central Bank of Sri Lanka Governor, Dr. P. Nandalal Weerasinghe were also present on the occasion.

The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2023 stands at 418.77 as against 395.57 for March 2023, which was announced on July 27, 2023.

The Payments Infrastructure Development Fund (PIDF) Scheme was operationalised by the Reserve Bank in January 2021, for a period of three years. The objective of the scheme was to encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS) terminals, Quick Response (QR) codes, in tier-3 to tier-6 centres, North Eastern states and Union Territories (U.T.s) of Jammu & Kashmir and Ladakh. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered

The Reserve Bank of India (RBI) and the Bank of England (BoE) today signed a Memorandum of Understanding (MoU) concerning cooperation and exchange of information in relation to the Clearing Corporation of India Limited (CCIL). The MoU establishes a framework for the BoE to place reliance on RBI’s regulatory and supervisory activities while safeguarding UK financial stability. The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE’s commitment to deference to other regulators’ regimes.

A draft circular on processing and settlement of small value export and import related payments facilitated by Online Export-Import Facilitators (OEIFs) was issued for comments on April 7, 2022, by the Foreign Exchange Department of RBI under the Foreign Exchange Management Act, 1999. As the activities of OEIFs / Online Payment Gateway Service Providers (OPGSPs) are more aligned with payments, the guidelines have been redrafted taking into consideration the feedback received on the April 07, 2022 draft circular and from the perspective of Payment Systems. It is therefore, proposed to regulate entities facilitating payment and settlement for online cross border export / import transactions as Payment Aggregators – Cross Border (PA-CB) under the Payment and Settlement Systems Act, 2007. The Reserve Bank of India (RBI) has today placed on its website the circular on Regulation of PA-CB.

In the Third Cohort under the Regulatory Sandbox (RS) with ‘MSME Lending’ as its theme, eight entities were to commence testing of their products which was communicated vide Press Release dated June 06, 2022.
2. Products of the entities which completed the ‘Test Phase’ were evaluated based on mutually agreed test scenarios and expected outcomes. Accordingly, the five products outlined below have been found viable within the boundary conditions defined during testing under RS:

The Reserve Bank of India had announced vide Press Release dated September 5, 2022 that the Fifth Cohort under the Regulatory Sandbox (RS) will be theme neutral. It now announces opening of application window for the Fifth Cohort to eligible entities.