Centralised & Decentralised Payment Systems What? - Includes | VK IAS- prelims (UPSC highlights)
Centralised & Decentralised Payment Systems
What? - Includes Real Time Gross Settlement (RTGS) System and National Electronic Fund Transfer (NEFT) system and any other system as may be decided by RBI from time to time.
Latest update : Direct Membership of NEFT & RTGS to Payment System Operators
Impact : Prepaid Payment Instrument (PPI) issuers, Card Networks, White Label ATM operators, Trade Receivables Discounting System (TReDS) platforms are going to become members of CPS. i.e. Mobile wallets like Google Pay, paytm , . can provide NEFT and RTGS facilities etc to their customers( no need of using banks anymore)
Objective : Financial Inclusion
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