RBI expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants, Governor Shaktikanta Das said on Monday.
"... we have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL)," Shaktikanta Das said.
"We expect the launch of this interoperable payment system for internet banking during the current calendar year."
Currently, internet banking transactions processed through Payment Aggregators (PAs) are not interoperable, implying that a bank is required to separately integrate with each PA of different online merchants.
Given the multiple number of payment aggregators, it is difficult for each bank to integrate with every PA, Shaktikanta Das said.
Moreover, due to the absence of a common payment system and a set of rules for these transactions, there are delays in actual receipt of payments by merchants and increased settlement risks, he added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
"Time To Celebrate 75 Years Of Democracy," Says PM Modi In Parliament
RBI Gets Bomb Threat In Russian Language, 2nd Time In A Month RBI Governor Shaktikanta Das Highlights India’s Progress on CBDCs in Farewell Address: Key Insights Sanjay Malhotra Takes Charge As RBI's 26th Governor "1 Family...": PM's Multi-Generational Attack On Congress Over Constitution Suchir Balaji, OpenAI Whistleblower, Found Dead At US Apartment, Musk Reacts Bihar Teacher Kidnapped On Way To School, Forced To Marry Woman At Gunpoint CPI(M) Lifts Suspension Of Bengal Party Leader Accused Of Sexual Harassment Rajasthan Public Service Commission Hiring For 575 Professor Positions Singapore Envoy Slams Cafe For Serving "Tasteless Chai", Chaayos CEO Reacts Track Latest News Live on NDTV.com and get news updates from India and around the world.