wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI DG Kanungo says central bank favours competition in digital payment space

We missed this earlier. B.P. Kanungo, Deputy Governor, Reserve Bank of India, said that the central bank favoured competition and innovation in every field including payments systems and allowing non-banks into the payment ecosystem was done to foster this. He said that the central bank giving the go-ahead to non-banking entities to set up PPIs and establish while label ATMs, helped create innovation and that this will guide the regulatory philosophy in the coming years as well. This is in stark contrast with the Ratan Watal Committee report, which recommended the formation of a Payments Regulatory Board (PRB) which would regulate payments in the country. The PRB would look at regulation of payments independent from the function of central banking. The PRB can be formed by making the Board for Payment and Settlement Systems more independent by introducing members from outside the RBI. The Watal Committee pointed that payments systems run by the RBI to favour banks: “The most notable distortion in the market, is the case of RTGS, NEFT and NECS, where the RBI performs both commercial functions, as well as regulatory functions. This leads to a conflict of interest, and goes against the principles of competitive neutrality.” It was also reported in the press that the central bank had other reservations on some of the committee’s recommendations like data and consumer protection and Separation of banking and payments. Quest to improve digital payments Speaking at the National Payments Corporation of India (NPCI) National Payments Excellence Awards function in May, the…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

News

By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ