RBI Invites Public Comments on Charges in Payment Systems Business
IANS 18 August 2022
The Reserve Bank of India (RBI) released a discussion paper on "Charges in Payment Systems" for public feedback, the central bank said in a release.
 
Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through e-mail on or before 3 October 2022.
 
"The focus of RBI's initiatives in the payment systems has been to ease frictions which may arise from systemic, procedural or revenue related issues. While there are many intermediaries in the payments transaction chain, consumer complaints are generally about high and non-transparent charges.
 
"Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries. To ensure this balance, it was considered useful to carry out a comprehensive review of the various charges levied in the payment systems by highlighting different dimensions and seeking stakeholder feedback," the discussion paper said.
 
The discussion paper covers all aspects relating to charges in payment systems [such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) system, Real Time Gross Settlement (RTGS) system and Unified Payments Interface (UPI)] and various payment instruments [such as debit cards, credit cards and Prepaid Payment Instruments (PPIs)], etc. The feedback received would be used to guide policies and intervention strategies, said RBI.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Kamal Garg
1 month ago
While NEFT and RTGS should continue to remain free for all the transactions, the MDR may be rationalized with government financial support (as it is existing today) to help boost the digital economy and cash less transactions.
shashikant
1 month ago
although charges are enevitable rbi should promote non cash transactions which will
include all in banking system
transaction charges should not be more than rs 10 for neft and 15 for rtgs.
Why the Plea for a Centralised Database for Unclaimed Public Money Required Public Interest Litigation
Sucheta Dalal, 19 August 2022
On 12th August, the bench of justices S Abdul Nazeer and JK Maheswari of the Supreme Court of India (SC) were pleased to issue a notice to the ministries of finance, corporate affairs, Reserve Bank of India (RBI) and Securities &...
Investment Advice Will Not Reach the Masses if SEBI Regulations Are Implemented Strictly and Customer Needs Ignored
Debashis Basu, 19 August 2022
Media reports suggest that the Securities and Exchange Board of India (SEBI) wants to redefine the services of research analysts (RAs) and investment advisers (IAs), by tweaking the regulations that govern them, once more. Let me...
Flipkart Penalised Rs1 Lakh for Selling Sub-standard Pressure Cookers; Asked To Recall 598 Cookers
Moneylife Digital Team 17 August 2022
The central consumer protection authority (CCPA), while asking to recall 598 sub-standard pressure cookers, has imposed a penalty of Rs1 lakh on Flipkart. 
 
"The CCPA has directed Flipkart to notify consumers of all 598...
SC Issues Notice on Plea By Sucheta Dalal That Information on Unclaimed Amounts Lying in Dormant Accounts Be Made Publicly Available on a Centralised Platform
Moneylife Digital Team 12 August 2022
The Supreme Court on Friday issued notice to ministries of finance, corporate affairs, Reserve Bank of India (RBI) and Securities & Exchange Board of India (SEBI) in a plea by Sucheta Dalal, managing editor of Moneylife and...
Free Helpline
Legal Credit
Feedback