Indian Economy News

NBBL to begin work on net banking interoperability from April: Report

  • IBEF
  • March 28, 2024

NPCI Bharat Billpay (NBBL), in partnership with banks and fintech firms, is discussing the launch of internet-based banking interoperability following regulatory approval earlier this month. NBBL aims to initiate infrastructure development for such transactions starting in April, following the Reserve Bank of India's (RBI) approval on March 4 for an interoperable system for Internet banking transactions.

RBI Governor, Mr. Shaktikanta Das emphasized the central bank's commitment to facilitating interoperability for internet banking transactions, aligning with its 2025 vision to consolidate payment rails into a unified system. This move will standardize merchant settlement cycles, improve data visibility, and establish effective customer grievance mechanisms. RBI data shows that in December 2023, banks processed about 380 million Internet banking transactions totalling US$ 1.13 trillion (Rs. 93.8 trillion), with an average transaction size of US$ 2,880 (Rs. 2.4 lakh), highlighting the significance of internet banking in large-value payments compared to the Unified Payments Interface (UPI).

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