RBI to Launch Interoperable Payment System for Internet Banking in 2024

RBI to Launch Interoperable Payment System for Internet Banking in 2024

Daily Current Affairs   /   RBI to Launch Interoperable Payment System for Internet Banking in 2024

Change Language English Hindi

Category : Business and economics Published on: March 06 2024

Share on facebook
  • RBI Governor Shaktikanta Das announced plans for the launch of an interoperable payment system in 2024, aiming to address delays in payment receipt by merchants and settlement risks associated with internet banking transactions.
  • The RBI has granted approval to NPCI Bharat BillPay Ltd (NBBL) for implementing the interoperable payment system, aligning with the RBI's Payments Vision 2025. This move signifies a concerted effort to enhance payment infrastructure and facilitate quicker settlement of funds for merchants.
  • Governor Das highlighted the remarkable growth of the Unified Payments Interface (UPI), with its share in digital payments reaching close to 80% in 2023. UPI has become a flagship payment system in India, processing approximately 42 crore transactions daily, underscoring the importance of transparency, ease of use, and security in digital payments.
Recent Post's
  • Mauritius awarded its highest honor, ‘Order of the Star and Key of the Indian Ocean,’ to PM Modi.

    Read More....
  • The government will establish daycare cancer centers in every district within three years.

    Read More....
  • According to the second advance estimates of the Ministry of Agriculture, India achieved a record food grain production in the 2024-25 session, with Kharif at 16.6391 million tonnes and Rabi (excluding summer crops) at 16.4527 million tonnes.

    Read More....
  • India signed an MoU with Armenia for cooperation in the regulation of medical products.

    Read More....
  • The joint military exercise Khandjar-XII between the special forces of India and Kyrgyzstan began in Tokmok, Kyrgyzstan, and will be held from March 10 to 23, 2025.

    Read More....
  • Dr. Jaishree Venkatesan became the first Indian to win the prestigious Ramsar Award in the ‘Wetland Wise Use’ category and was recognized as a female changemaker in wetlands by the Ramsar Secretariat.

    Read More....
  • Self-Help Groups (SHGs) of Andhra Pradesh set four world records—one Guinness and three World Records Union records, with DWCRA members achieving 3 lakh orders worth ₹5.13 crore in a week on ONDC.

    Read More....
  • Union Health Minister J.P. Nadda inaugurated the third International Symposium on Health Technology Assessment (ISHTA 2025) at Bharat Mandapam, organized by the Department of Health Research in collaboration with WHO India and the Centre for Global Development.

    Read More....
  • No Smoking Day is observed every year on the second Wednesday of March.

    Read More....
  • Mumbai will host the WAVES 2025 Summit, with a high-level meeting co-chaired by the Chief Secretary of Maharashtra and the Secretary of the Ministry of Information and Broadcasting.

    Read More....