RBI to outsource digital payments system, will issue guidelines soon

In the Monetary Policy Meet on Friday, the Reserve Bank of India announced the outsourcing of digital payments system, amid the rising operational risks of the current system. As the number of digital transactions increased during 2020 in the wake of the pandemic, the cases of failed transactions and frauds surged.

To curb the rising transactional issues, the central bank shall soon issue the guidelines for outsourcing the digital payments systems to third-parties, RBI governor said in a press meet on Friday.

The central bank also maintained its policy stance at “accommodative”, while the repo rates and reverse repo rates remained unchanged at 4 percent and 3.35 percent, respectively.