The Reserve Bank of India (RBI) has given approval to NPCI Bharat BillPay Ltd (NBBL) to launch interoperable payment system for internet banking to facilitate quicker settlement of funds for merchants.
Banking & Finance
The Reserve Bank of India (RBI) has given approval to NPCI Bharat BillPay Ltd (NBBL) to launch interoperable payment system for internet banking to facilitate quicker settlement of funds for merchants. The launch of this facility will be done this 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.
Internet banking is one of the oldest modes for online merchant payment transactions. It is a preferred channel for payments like income tax, insurance premium, mutual fund payments, ecommerce, etc.
Founded- 1 April 1935; HQ- Mumbai
Governor- Shaktikanta Das, IAS (retd.)
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