RBI's Deputy Governor H.R. Khan has said that issuance of payment bank licenses, which will bring the telcos and banks together, will be a game changer in the field of remittances and bill payments.
Speaking as the chief guest at the ninth edition of CII's Banking Tech Summit, Khan while speaking about the compliances for the banking sector appreciated the CII-PWC report for capturing this aspect with diligence.
He acknowledged the apt timing of the summit post the recent 'Gyan Sangam' held in Pune which also discussed about using and liberalizing technology in banking.
Speaking about the RBI's role in technology adoption, Khan mentioned about e-kuber - a core banking platform adopted by RBI which allow banks to operate through a single account with RBI.
He also shared that connecting mobile with aadhar under the Jan Dhan Yojana will be the solution going forward for financial inclusion, as it will facilitate serving the 120 million cards.
Khan further said that the RBI is focusing on bill payment systems which is the next big thing for which Bharat Bill Payment System and National Payments Corporation of India (NPCI) are on board and other bill aggregators are expected to join soon.
Speaking about the trade receivables by MSME sector which doesn't receive bank financing, he mentioned about a platform being under way for discounting these receivables.
The RBI's Deputy Governor along with A.P. Hota, Managing Director and Chief Executive Officer, National Payments Corporation of India; and M.S. Raghavan, Chairman and Managing Director, IDBI Bank Ltd, launched the report titled "Banks taking a quantum leap through digital" at the ninth edition of CII's Banking Tech Summit.
