RBI raises Paytm, wallet accounts limit to Rs 2 lakh; opens RTGS, NEFT connectivity with payment operators

The Reserve Bank of India would now allow RTGS and NEFT connectivity with non-bank payment system operators, paving way for UPI interoperability. Along with this, the RBI also increased the maximum balance per customer for payments banks to Rs 2 lakh per individual from Rs 1 lakh earlier. “This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments,” RBI Governor Shaktikanta Das said after the first bi-monthly Monetary Policy Committee meeting of this financial year. Centralised payment systems such as RTGS and NEFT, operated by the RBI, was so far restricted to only banks with a few exceptions. RBI today announced that it is proposing to enable non-bank payment systems like PPIs, card networks, White label ATM operators, among others to take direct membership in the central bank run RTGS and NEFT.

News Source:- https://www.financialexpress.com/industry/banking-finance/rbi-raises-paytm-wallet-accounts-limit-to-rs-2-lakh-allows-rtgs-neft-connectivity-to-payment-operators/2228440/