RBI Expects To Launch Interoperable Payment System For Net Banking In 2024

Currently, internet banking transactions processed through Payment Aggregators (PAs) are not interoperable, implying that a bank is required to separately integrate with each PA of different online merchants.

RBI expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants, Governor Shaktikanta Das said on Monday.

"... we have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL)," Shaktikanta Das said.

"We expect the launch of this interoperable payment system for internet banking during the current calendar year."