Press Information Bureau

Government of India

Ministry of Finance

20-December-2012 17:58 IST

The Reserve Bank of India (RBI), as a move towards less cash economy, from time to time, has been facilitating the use of electronic payment products by issuing various Guidelines on Electronic Payment System such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and National Electronic Clearing Services (NECS) in the country including in the smaller towns and villages. In addition, other payment systems such as mobile banking, prepaid payment instruments and mobile wallet also enable electronic payment facility. Banks have also been installing ATMs and Point of Sale (PoS) devices for promoting electronic payments.

This was stated by the Finance Minister Shri P. Chidambaram in reply to a question in the Rajya Sabha today.

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DSM/RS/bs

Electronic payment facilitation expands via guidelines enabling RTGS, NEFT, mobile banking and wider ATM and PoS deployment. The Reserve Bank of India has issued guidance to expand electronic payment mechanisms in towns and villages, supporting systems such as Real Time Gross Settlement, National Electronic Funds Transfer and National Electronic Clearing Services, and recognising mobile banking, prepaid payment instruments and mobile wallets as enabling instruments; banks are encouraged to deploy ATMs and Point of Sale devices to promote electronic payment acceptance.