India is one of the fastest-growing countries for payment cards in the Asia-Pacific region. In the case of India, the RBI has played a pivotal role in facilitating e-payments by making it compulsory for banks to route high-value transactions through real-time gross settlement (RTGS) and also by introducing NEFT (National Electronic Funds Transfer) and NECS (National Electronic Clearing Services) which has encouraged individuals and businesses to switch. This has happened as a result of advances in technology and increasing consumer awareness of the ease and efficiency of internet and mobile transactions. The Reserve Bank of India is trying to encourage alternative methods of payments which will bring security and efficiency to the payment systems and make the whole process easier for banks.Īccording to a survey by Celent, the ratio of e-payments to paper-based transactions has considerably increased between 20.

For gross settlement India has a real-time gross settlement (RTGS) system called by the same name and net settlement systems include Electronic Clearing Services (ECS Credit), Electronic Clearing Services (ECS Debit), credit cards, debit cards, the National Electronic Fund Transfer (NEFT) system, Immediate Payment Service and Unified Payments Interface (UPI) India has multiple payments and settlement systems, both gross and net settlement systems. They are covered by the Payment and Settlement Systems Act, 2007 (PSS Act), legislated in December 2007 and regulated by the Reserve Bank of India and the Board for Regulation and Supervision of Payment and Settlement Systems.

Payment and settlement systems in India are used for financial transactions. ( Learn how and when to remove this template message) Quality standards, event notability guideline, or encyclopedic content policy. Please expand this article with properly sourced content to meet Wikipedia's This article reads like a press release or a news article and is largely based on routine coverage or sensationalism.

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