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.