RBI Plans Interoperable Internet Banking System

• 05 Mar 2024

On 4th March, RBI Governor announced plans to introduce interoperable digital payment systems for internet banking.

Key Points

• Approval Granted to NPCI Bharat BillPay Ltd: NPCI Bharat BillPay Ltd (NBBL) authorized to implement the interoperable system.
• Expectation for 2024 Launch: Anticipation builds for the launch of the interoperable payment system within the current calendar year.
• Challenges of Current System: Internet banking transactions face interoperability issues with Payment Aggregators (PAs).
• Difficulty in Integration: Banks struggle to integrate with numerous PAs, hindering seamless transactions.
• Impact on Merchants: Delays in payment receipt and increased settlement risks affect merchants negatively.