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RBI to regulate retail banking settlement systems

RBI to regulate retail banking settlement systems by the payment and settlement bill passed by the parliament

Apnaloan.com Research Bureau

25 Aug 2007

Reserve Bank of India is likely to regulate payment and settlement systems like credit cards and inter-bank settlement houses like the Clearing Corporation of India. This was revealed by Finance Minister, P Chidambaram in parliament on August 24.

The Payment and Settlements Bill, cleared by the Cabinet on August 23 makes provisions for the formation of a national payments company that will take over the current retail payment system.

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