PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.


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Date : Mar 16, 2020
Availability of Digital Payment Options

In pursuance of its vision to promote digital payments, Reserve Bank of India’s (RBI) endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable.

RBI wishes to bring to the notice of the general public that non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) are available round the clock to facilitate fund transfers, purchase of goods / services, payment of bills, etc. In the context of the efforts to limit the fallout of the corona virus pandemic by avoiding social contact and visit to public places, public can use these modes of digital payment from the convenience of their homes through online channels like mobile banking, internet banking, cards, etc. and avoid using cash which may require going to crowded places for sending money or paying bills.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2069


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