RBI allows settlement files of payment systems on all days of year

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RBI allows settlement files of payment systems on all days of year

Last Updated : 04 Dec 2020 01:23:33 PM IST

RBI

The RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks.

It will also enhance overall efficiency of the payments ecosystem.

Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.

With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.

Instructions in this regard will be issued by the pax bank shortly.