Discussion on RBIs Policy Paper on Authorisation of New Retail Payment Systems
Unpacking RBI's policy paper on authorizing retail payment systems
15 Fri 06:30 PM – 08:05 PM IST
In order to minimize the concentration risk in retail payment systems, from a financial stability perspective and to foster innovation and competition and to encourage more players to participate in and promote pan-India payment platforms, Reserve Bank of India (RBI) has come up with a policy paper on authorizing new payment systems / payment systems operators.
The paper provides an overview of existing retail payment services and retail payment operator landscape, various retail payments systems and the concentration of payment systems at National Payments Corporation of India. It also discusses the advantages and disadvantages of concentration, pros and challenges in encouraging competition, on-tap licensing of payment systems, reviewing capital requirements and alignment of regulatory framework to allow banks and non-banks to offer payments systems based on their capabilities and potential, risk assessment, etc.
The policy for authorising payments systems have impact for all stakeholders like banks, fintechs, clearing houses, payment system operators, consumers. Some of the topics of discussion would include
Here’s a reading list for you to consider reading before attending the discussion