The Reserve Bank has exempted certain payment activities from the definition of “the business of a bank” to speed up non-bank access to the national payments system (NPS) before an amended NPS Act takes effect
A regulatory framework supports the exemption notice to ensure that entities undertaking these exempted payment activities are effectively regulated, supervised and overseen under the NPS framework, thereby mitigating risks within the NPS and the broader financial system.
The Bank is forging ahead with deep regulatory reforms to introduce new non-bank players into the system, allowing them to offer services such as issuing e-money and providing acquiring services without requiring full NPS licences.
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