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RBI unveils payment system
Special Correspondent
MUMBAI:
The Reserve Bank of India plans to set up a new institution, a limited company, owned and operated by banks, for all retail payment systems and operationalising a National Settlement System (NSS) in the current financial year. "The new institution would be a limited company, owned and operated by banks and would act as an umbrella organisation for all retail clearing operations — both paper based and electronic,'' the RBI stated in its Vision Document for Payment and Settlement Systems, released on Tuesday. The document also details the action points for upgradation of the payment systems with definite milestones during next three years.
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