On January 21, 2019, the Reserve Bank of India (RBI) published a policy paper on the authorisation of new retail payment systems for stakeholders’ feedback, with the aim of encouraging more competition and promoting innovation in pan-India payment platforms.
Due to technological developments, non-bank entities have been given access to traditional payment systems in India, and the RBI’s framework recognises and facilitates contribution of non-bank entities.
The RBI is responsible for authorising banks and non-banks to set up and operate payment systems. By the end of 2018, there were authorised 89 non-bank payment system operators (PSOs) in the country.
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