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NPCI arm, banks and fintechs in talks for net banking synergies

Economic Times · 11m

The National Payments Corporation of India's (NPCI) subsidiary, Bharat Billpay (NBBL), is in talks with banks and fintech firms to implement banking interoperability following approval from the Reserve Bank of India (RBI). Plans to enable interoperable payment systems for internet banking transactions are underway, with conversations taking place with major players in the net banking ecosystem. The RBI aims to centralize all payment rails, including internet banking, for standardization, better visibility on data, and improved customer grievance mechanisms. Currently, each bank must work with specific payment aggregators for net banking transactions.