At present, National Payments Corporation of India (NPCI) is an umbrella organisation for retail payments systems.
Currently, the repo operations are of short-term, usually of overnight, wherein banks can borrow money from the RBI at the prevailing repo rate.
Mumbai: The Reserve Bank of India (RBI) on Monday published draft framework for authorisation of a new pan India umbrella organization for retail payment systems.
The central bank has invited comments on the draft framework from all stakeholders by February 25.
At present, National Payments Corporation of India (NPCI) is an umbrella organisation for retail payments systems.
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