The Board for Regulation and Supervision of Payment and Settlement
Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank
of India is the highest policy making body on payment systems in the
country. The BPSS is empowered for authorizing, prescribing policies and
setting standards for regulating and supervising all the payment
and settlement systems in the country. The Department of Payment and
Settlement Systems of the Reserve Bank of India serves as the
Secretariat to the Board and executes its directions.
In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India unless authorized by RBI..
PAPER BASED PAYMENT
Use of paper-based instruments (like cheques, drafts, and the like) accounts for nearly 60% of the volume of total non-cash transactions in the country.
This share has been steadily decreasing over a period of time and electronic mode gained popularity due to the concerted efforts of Reserve Bank of India to popularize the electronic payment products in preference to cash and cheques…
ELECTRONIC PAYMENTS
Electronic Clearing Service … Electronic Funds Transfer (EFT) .. NEFT… RTGS.. Clearing Corporation of India Limited (CCIL) …
The Clearing Corporation plays the crucial role of a Central Counter Party (CCP) in the government securities, USD –INR forex exchange (both spot and forward segments) and Collaterised Borrowing and Lending Obligation (CBLO) markets.
OTHER PAYMENT METHODS
Pre-paid Payment Systems
Mobile Banking System
ATMs / Point of Sale (POS) Terminals / Online Transactions
BBPS
The Reserve Bank encouraged the setting up of National Payments Corporation of India (NPCI) to act as an umbrella organization for operating various Retail Payment Systems (RPS) in India. NPCI became functional in early 2009. NPCI has taken over National Financial Switch (NFS) from Institute for Development and Research in Banking Technology (IDRBT)
In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India unless authorized by RBI..
PAPER BASED PAYMENT
Use of paper-based instruments (like cheques, drafts, and the like) accounts for nearly 60% of the volume of total non-cash transactions in the country.
This share has been steadily decreasing over a period of time and electronic mode gained popularity due to the concerted efforts of Reserve Bank of India to popularize the electronic payment products in preference to cash and cheques…
ELECTRONIC PAYMENTS
Electronic Clearing Service … Electronic Funds Transfer (EFT) .. NEFT… RTGS.. Clearing Corporation of India Limited (CCIL) …
The Clearing Corporation plays the crucial role of a Central Counter Party (CCP) in the government securities, USD –INR forex exchange (both spot and forward segments) and Collaterised Borrowing and Lending Obligation (CBLO) markets.
OTHER PAYMENT METHODS
Pre-paid Payment Systems
Mobile Banking System
ATMs / Point of Sale (POS) Terminals / Online Transactions
BBPS
The Reserve Bank encouraged the setting up of National Payments Corporation of India (NPCI) to act as an umbrella organization for operating various Retail Payment Systems (RPS) in India. NPCI became functional in early 2009. NPCI has taken over National Financial Switch (NFS) from Institute for Development and Research in Banking Technology (IDRBT)
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