NPCI arm, banks and fintechs in talks for net banking synergies
NPCI Bharat Billpay (NBBL), banks and fintech firms are in talks to implement banking interoperability, following central bank approval for the project, said two senior bankers with knowledge of the matter. NBBL could start work on the pipelines to enable such transactions in April, they said.
“Currently, conversations are happening with the large participants in the net banking ecosystem to find the right implementation strategy,” one of the bankers said. “The top banks like HDFC Bank, SBI, ICICI Bank are the largest players in this space.”
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitThe Reserve Bank of India (RBI) had on March 4 approved implementation of an interoperable payment system for internet banking transactions by NBBL, a subsidiary of National Payments Corp. of India (NPCI).
As part of its 2025 vision document, the RBI wants all payment rails under a centralised payment system. Internet banking is the only one outside the umbrella and the regulator wants this within the fold quickly, putting it at par with processes such as the Immediate Payment Service (run by NPCI) as well as the Real Time Gross Settlement and National Electronic Fund Transfer systems (run by the RBI).
Centralisation will allow standardisation of settlement cycles for merchants, visibility on data and proper
