Digital Wallets Allowed To Provide RTGS and NEFT Facilty.

There is good news for all who are using NEFT and RTGS for sending funds to their suppliers or dealers. Now you can use Phonepay, VISA, Paytm and various other online fintech companies for sending funds using RTGS and NEFT option of Banks. Earlier we have to visit branch, fil up forms and have to wait a little bit for transaction to complete. Banks also have limited staff these days so sometimes it takes time for transaction to complete.

But now, you can instantly send funds using RTGS and NEFT using wallets which will save lot of time as you can do it from anywhere on your smartphone.

RBI announced a slew of measures for digital payments such as allowing fintech companies to process RTGS and NEFT transactions, and also set new norms on interoperability and cash withdrawal facilities for digital payment wallets.

These measures are aimed at leveling the playing field for non-bank payment operators and banks, while also reducing settlement risks by widening the ecosystem

According to experts, the move to open CPSs membership for non-banks will provide impetus for infrastructure growth and reduce settlement risks – just like the opening of UPI to third party aggregators.

So in near future, you can get your transaction done easily at comfort of your home or office without a visit to the branch and waiting there for transaction to complete.

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