Page 37 - BANKING FINANCE APRIL 2024

ARTICLE

management for members, RBI shall explore developing a
system of liquidity bridge for seamless transfer of funds from
one system to another automatically without intervention
of members.

To further reduce the settlement risk as also to improve
efficiency by making the payments near-real time, the
frequency of batches in NEFT shall be reviewed and
increased.

The RBI has informed the regulated entities to provide
facility to its users to mark any transaction as fraud
transaction so that the information may reach the issuer
regulated entity and after that the regulated entity can A framework of geo-tagging of payment system has been
inform the beneficiary regulated entity about such suggested. The RBI shall examine the desirability and
transaction. The feasibility of this Online Dispute resolution feasibility of geo-tagging of payment transaction keeping in
system will be examined. view of the privacy concerns of the customers.

The Schedule commercial banks and prepaid payment The digital payment transaction using prepaid payment
instrument issuers are using Central payment fraud instruments (PPI) are getting popularized. A comprehensive
information registry (CPFIR) for reporting of fraud payments. review of the PPIs including full KYC of PPIs shall be examined
Further the access of CPFIR for the urban co-operative banks
and RRB will also be explored with higher resilience and At present, RBI has issued instructions for regulating the
efficiency. activities of online Payment aggregators (Pas), while
providing baseline technology-related recommendations to
Since every customer of the bank is having unique account Payment Gateways (PGs). The need to bring all significant
number but the sender of the money can cross check the payment intermediaries, including offline PAs, under direct
name of beneficiary except of the UPI transactions. So regulation of RBI shall be considered as per the RBI Vision
checking the beneficiaries name in NEFT/RTGS/IMPs 2025.
transaction will also be explored after introduction of payee
name lookup option in CBS. The check clearing process is an important aspect of
payment and settlement. Under CTS regime 3 grids are
Keeping in view of the latest development of geopolitical discharging the activities of clearing. Now the One nation
developments and risk associated with it the possibility shall one grid model will be adopted to make the clearing process
be searched to process the payment transaction more cost effective.
domestically with certain conditions. Presently the parties
are allowed to process the transaction abroad and domestic As a part of confidence building measure among the
store of payment data. customers a internal ombudsman scheme shall be
implemented by all the Payment System operators for quick
With increasing habit of the customers for digital payment customer complaint resolution.
it is also required to provide a security cover to defraud
customers. SO feasibility of the creation of digital payment The money market and capital market are currently
protection fund shall be explored. operated at fixed hours whereas the payment and
settlement system of RBI is available 24*7*365. So after
B. INCLUSION : collaborating with the major stakeholders a possibility of
In RBI Vision 2025 the RBI has emphasized on inclusion front. increased business hours for these markets will be explored.

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