Key highlights of the statement:
- Round-the-Clock Availability of National Electronic Funds Transfer (NEFT) System:
- Currently, the NEFT payment system operated by the RBI as a retail payment system is available for customers from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month).
- As mentioned in the Payment System Vision 2021 document, the RBI will make available the NEFT system on a 24x7 basis from December 2019.
- Expansion of Biller Categories for Bharat Bill Payment System (BBPS):
- In order to harness the full potential of BBPS, RBI has decided to permit all categories of billers (except prepaid recharges) who provide for recurring bill payments to participate in BBPS on a voluntary basis.
- The BBPS, an inter operable platform for repetitive bill payments, currently covers five segments that are direct-to-home, electricity, gas, telecom and water bills.
- Creation of a Central Payments Fraud Information Registry: The RBI has decided to create a central payments fraud information registry system to deal with banking frauds.
