Reserve Bank of India (RBI) grants Centralised Payment System (CPS) membership to Pay Point India Network

Key facts

• Pay Point India Network has become the first private-sector fintech to gain membership in the Centralised Payment System (CPS) operated by the Reserve Bank of India (RBI).
• Access to CPS was previously limited to banks and institutions including National Payments Corporation of India (NPCI), Clearing Corporation of India Limited (CCIL), Deposit Insurance and Credit Guarantee Corporation (DICGC), and stock exchanges.
• Pay Point India now has direct access to Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) without relying on partner banks.
• The company has been assigned its own IFSC code and maintains a current account and a settlement account directly with the RBI.
• RTGS is used for large-value, real-time transactions, while NEFT supports smaller, retail payments processed in batches.
• Both RTGS and NEFT operate 24/7 throughout the year.