Payment System access to non-bank entities

Here is a good news for non-bank entities from RBI.  In order to bring the non-bank entities into the payment system fold, RBI have now come out with an approval to permit Payment system providers also viz., Pre-paid card issuers, card networks and white label ATM operators get access o its Centralized Payment Systems (CPS), which are Real Time Gross Settlement and National Electronic Fund Transfer in the initial stage.

Following article explains the permission accorded to such entities and the advantage the non-bank entities hold in bringing innovative products and new capabilities to assimilate and analyze the data made available.