RBI starts publishing daily data on select payment systems

Mumbai, June 4 () The Reserve Bank has decided to publish on a daily basis data on volume and value of transactions through various payment systems like NEFT, RTGS and UPI as well as cash withdrawals from ATMs, with a view to facilitate research and innovations.

As per June 3 data, people withdrew Rs 4,426.92 crore cash from ATMs and Rs 668.88 crore through micro ATMs/Banking Correspondents. There were 4.3 lakh RTGS transactions valued at Rs 33,0632.89 crore and 100.36 lakh NEFT transactions accounted for Rs 62,985.75 crore.

There were as many 456.26 lakh UPI based transactions through which Rs 9,622.38 crore were transacted. Value of IMPS-based transactions stood at Rs 7,653.71 crore.

"The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement.

It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place.

The Reserve Bank captures volume and value of transactions undertaken in payments systems operated by the RBI (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs.

The payment system data is presently published monthly by the RBI in its bulletin. The RBI, beginning Thursday, has decided to publish the data on a daily basis.

"The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating to cards will be published once the daily reporting systems are in place," the RBI said.

This initiative to disseminate payment systems activities data on a daily frequency, the apex bank said, is expected to facilitate better research and also contribute to innovations in payment systems. The monthly publication in RBI Bulletin, however, will continue.

Meanwhile, the RBI has extended timeline for compliance with various payment system requirements in view of the prevailing situation due to COVID-19 pandemic.

For instance, regarding implementation of provisions of circular on 'Enhancing Security of Card Transactions', the timeline has been extended to September 30 from the original schedule of June 16.

Timelines have been also been extended in relation 'issuance and operation of prepaid payment instruments (PPIMD); Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; and Guidelines on Regulation of Payment Aggregators and Payment Gateways. NKD CS MKJ