Q1. 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?
Explanation
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).