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RBI steps up monitoring of retail payment modes, modifies framework

The RBI has classified the National Payments Corporation of India (NPCI) as FMI, thereby increasing the regulatory oversight on the entity

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The applicability of principles for FMIs may also be extended to some important retail payment systems

Subrata Panda Mumbai
The Reserve Bank of India (RBI) on Saturday revised the supervisory framework for financial market infrastructure (FMI) and retail payment systems (RPS). This is owing to the bigger role the payment entities have been playing in the last few years.
 
The RBI has classified the National Payments Corporation of India (NPCI) as FMI, thereby increasing the regulatory oversight on the entity.
 
It also included the National Electronic Funds Transfer (NEFT) in the FMI framework.
 
NPCI will now, as per disclosure framework prescribed in the principles of FMI, have to disclose its self-assessment on compliance on an annual basis and also

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