No bank needed for RTGS and NEFT! ATM will become mobile wallet, know RBI's new step

 

No bank needed for RTGS and NEFT! ATM will become mobile wallet, know RBI's new step



Non-bank payment system operators mean Mobikwik, PayU, Ola Pay, Amazon Pay, etc. That is, if you have a mobile wallet, you can send money to anyone through RTGS and NEFT. 

New Delhi: RBI Monetary Policy:  Now you do not need to depend on the bank to do RTGS and NEFT. The Reserve Bank of India (RBI) has extended the scope of RTGS and NEFT beyond banks. While announcing the monetary policy, Reserve Bank Governor Shaktikanta Das announced that this facility can now be extended to non-bank payment system operators as well. 

1. EXPANDED SCOPE OF RTGS, NEFT 

RTGS and NEFT is a Centralised Payment Systems, which is operated by the Reserve Bank. Now part of this CPS will be non-bank payment system operators such as Prepaid Payment Instrument (PPI) issuers, card networks, white label ATM operators and trade receivable discounting systems. All these can now directly take the membership of CPS. 

2. RTGS, NEFT WILL BE ABLE TO DO WITHOUT BANK 

RBI says that this facility will help in reducing the settlement risk in the financial system and the reach of digital financial services will be extended to all users. Non-bank payment system operators mean Mobikwik, PayU, Ola Pay, Amazon Pay, etc. That is, if you have a mobile wallet, you can send money to anyone through RTGS and NEFT. 

3. YOU CAN SEND 2 LAKH RUPEES FROM ONE WALLET TO ANOTHER 

Apart from this, the Reserve Bank has given another major relief, now money can be sent up to 2 lakh rupees through Prepaid Payment Instruments (PPIs) i.e. Mobile Wallet Interoperability. That is, if you have Ola Pay, you are sending money to someone else's wallet, which uses another wallet, then its limit has been reduced to Rs 2 lakh, earlier this limit was only 1 lakh rupees. However, full KYC is mandatory for this. 

4. MOBILE WALLET WILL BECOME ATM

Cash withdrawal can be done from full KYC PPI issued by banks right now. Now the Reserve Bank has opened the cash withdrawal doors for all PPIs. Now the Reserve Bank has proposed that cash can be withdrawn from the full KYC PPIs of non-bank PPIs issue. That is, your mobile wallet will now work like an ATM, because you can withdraw money from it, send it, till now you could pay or transfer the bus.




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