The Reserve Bank of India expects the launch of interoperable internet banking in this calendar year, Governor Shaktikanta Das said on Monday.
Since approval has already been given to the National Payments Corp., enabling such a system is in process, Das said at the inaugural event of the Digital Payments Awareness Week in Mumbai. "We have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd."
Such a step is also part of the payments vision 2025 of the RBI, he said. The system is also expected in light of the multiple payment aggregators in the system.
Currently, internet banking transactions that are processed through PAs are not interoperable. In such cases, banks have to integrate separately with each PA of different merchants. Given this difficulty and a lack of a set of rules for these transactions, there are delays in the actual receipt of payments.
Appreciating the growth of the payments system, Das said the country is one of the first countries to adopt the additional factor of an authentication system.
India accounts for more than 46% of world digital transactions, he said. "The share of UPI in digital payments has increased to 80% in 2023."
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