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ARTICLE · 06 NOVEMBER 2018

RBI Permits Interoperability Transactions

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Increased proliferation of internet in the modern-day life has facilitated multiple operations to be conducted over a click of a button.

IndiaFinance and Banking
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Increased proliferation of internet in the modern-day life has facilitated multiple operations to be conducted over a click of a button. Numerous business transactions and banking activities have found virtual media as their new work space leaving behind the days which required efforts and human labour for the same purposes. This has lead to elevation in the levels of digital payments.

Online Payments in India

India finds a vast segment of its population now dependent on technology for carrying out number of transactions. The Government has also made efforts for promoting cashless mode of dealings through the digitalization.

Online payments in India are regulated by the National Payments Corporation of India (hereinafter referred to as "NPCI") which is the organisation for operating retail payments and settlement systems in India. The unified payment interface (hereinafter referred to as "UPI") is an instant real-time payment system developed by NPCI and

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