Fintech, insurance companies can control CPS directly

Mumbai: Reserve Bank of India (RBI) is considering the possibility of providing direct access to processing RTGS and NEFT transactions in line with global best practices to non-bank players such as fintech and insurance companies.

Citing the examples of England and Switzerland's banking regulators, the RBI stated in its Financial Stability Report that facilitating access to Centralized Payment Systems (CPS) for non-banks in India....