RBI plans to set up digital payments platform

Additionally, the central bank has constituted a committee to examine various aspects of setting up the platform, Das said.

The Reserve Bank of India (RBI) plans to set up a digital payments platform, Governor Shaktikanta Das said on June 7.

“It is proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem,” Das said in his monetary policy committee (MPC) statement. The central bank has also formed a committee to examine various aspects of setting up the platform.

On May 30, the central bank said that Self-Regulatory Organisations (SROs) for the fintech sector should be development-oriented, true representative and legitimate arbiter of disputes. An SRO is an independent organisation aimed at boosting the coordination and growth of the sector.

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On June 7, the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5 percent with a majority of 4:2, the governor said at the second bi-monthly monetary policy review for the current financial year, adding that the central bank has decided to maintain withdrawal of accommodation stance.

"The pattern of world crisis continues, but India is seeing positive growth. But we need to stay vigilant against new challenges," Das said. The RBI sees bright prospects of sustained high growth. RBI will gear up to be future ready to enhance India's global positioning, he added.