Pay Point India Network has become the first private fintech firm to gain direct membership of the Reserve Bank of India's Centralised Payment System (CPS), the regulator confirmed in news coverage on April 24, 2026. The historic onboarding ends years of dependence on sponsor banks for fintechs and gives Pay Point India direct access to the two flagship rails operated by the RBI: the Real Time Gross Settlement (RTGS) system for high-value real-time fund transfers and the National Electronic Funds Transfer (NEFT) system for retail batch payments. The company has also been allotted its own Indian Financial System Code (IFSC) and will maintain both a current account and a settlement account directly with the Reserve Bank of India. Until this approval, direct CPS access had been largely restricted to scheduled commercial banks and select institutions such as the National Payments Corporation of India and Clearing Corporation of India Limited, while non-bank Payment System Providers operated as sub-members and routed every transaction through a sponsor bank. The phased opening of CPS to non-banks follows the Reserve Bank's Payments Vision and a 2021 framework that allowed authorised non-bank PSPs to participate in CPS as members. Direct membership reduces transaction costs, speeds up fund transfers, improves data security, gives Pay Point India tighter control over fund flows and lowers the settlement-finality risk that arose when transactions had to flow through an intermediary. The development is regarded as a structural shift in India's payments landscape, signalling a maturing fintech ecosystem in which non-bank entities can access the same core infrastructure privileges as traditional banks.
Pay Point India Network Becomes the First Private Fintech Firm to Gain Direct Membership of the Reserve Bank of India's Centralised Payment System on April 24, 2026; Receives Own IFSC Code with Current and Settlement Accounts at the RBI for RTGS and NEFT Access
Pay Point India Network became the first private fintech firm to gain direct membership of the RBI's Centralised Payment System on April 24, 2026, with its own IFSC code and current and settlement accounts at the RBI. The firm now has direct access to RTGS and NEFT, ending dependence on sponsor banks. The move reduces costs, speeds settlement and signals a maturing fintech ecosystem under the Reserve Bank's phased CPS opening for non-banks.
Key facts
- Pay Point India Network became the first private fintech firm to gain direct membership of the RBI's Centralised Payment System (CPS), confirmed in coverage on April 24, 2026.
- It received direct access to both Real Time Gross Settlement (RTGS) for high-value transfers and National Electronic Funds Transfer (NEFT) for retail batch payments.
- The firm has been allotted its own Indian Financial System Code (IFSC) with a current account and a settlement account directly maintained at the RBI.
- Earlier, direct CPS access was restricted to scheduled commercial banks and select institutions such as NPCI and CCIL, while fintechs operated as sub-members through sponsor banks.
- The opening follows the RBI's 2021 framework permitting authorised non-bank Payment System Providers to participate in CPS as members.
- Benefits include lower transaction costs, faster fund transfers, improved data security and reduced settlement-finality risk.
- The move is seen as a structural shift in India's payments landscape and a maturing fintech ecosystem.
6-axis classification
Appears in these topics
Practice MCQ from this story
SolveTap an option below. Correct or incorrect feedback appears instantly.
With reference to Pay Point India Network's direct membership of the Reserve Bank of India's Centralised Payment System (CPS) confirmed on April 24, 2026, consider the following statements: 1. Pay Point India is the first private fintech firm to gain direct membership of the CPS and has been allotted its own IFSC code with a current account and a settlement account directly at the RBI. 2. Through direct CPS membership, Pay Point India can access only the National Electronic Funds Transfer (NEFT) system and not the Real Time Gross Settlement (RTGS) system. Which of the statements given above is/are correct?
Statement 1 is correct: Pay Point India is the first private fintech to gain direct CPS membership with its own IFSC code and current and settlement accounts at the RBI. Statement 2 is incorrect because direct CPS membership gives Pay Point India access to BOTH RTGS (high-value real-time transfers) and NEFT (retail batch payments).
Source: APAC News Network
Frequently asked questions
What is the significance of Pay Point India joining the RBI's CPS?
It is the first private fintech firm to gain direct membership of the Centralised Payment System, ending fintech dependence on sponsor banks for RTGS and NEFT access.
Which two payment systems can Pay Point India now access directly?
It can directly access the Real Time Gross Settlement (RTGS) system for high-value transfers and the National Electronic Funds Transfer (NEFT) system for retail batch payments.
What additional credentials has Pay Point India received from the RBI?
It has been allotted its own Indian Financial System Code (IFSC) and will maintain both a current account and a settlement account directly with the RBI.
Who else has direct access to the Centralised Payment System?
Until this approval, direct access was restricted to scheduled commercial banks and select institutions such as NPCI and Clearing Corporation of India Limited.
What benefits does direct CPS access bring?
It reduces transaction costs, speeds up fund transfers, improves data security, gives the firm tighter control over fund flows and reduces settlement-finality risk.
Was this useful?
Share corrections or missing exam angles with the editorial team.
Send feedback