• This marks a major shift by permitting a non-bank fintech firm direct entry into the country’s core infrastructure.

Key Details:
Background: Until now, the access to CPS was limited to banks and a small group of large institutions such as: National Payments Corporation of India (NPCI), Clearing Corporation of India Limited (CCIL), among others.
Reduces Reliance on Banks: Following this membership, Pay Point now has direct access to major payment systems like: Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT),  thereby removing the need of partner banks.
Assigned IFSC Code: In addition, the fintech firm has been assigned is own IFSC code, which enables the company to maintain both a current account and a settlement account directly with the RBI.
Key Benefits: Some the other key benefits of direct access to CPS are: reducing transaction costs, enhancing efficiency, improving data security, minimizing delays in fund transfers, among others