The National Payments Corporation of India (NPCI) is working with major banks to merge net banking and mobile banking systems, creating a new interoperable system. This project, called Interoperability, aims to allow customers to make online payments using any bank’s net banking option, without needing to collaborate with payment aggregators. The initial phase is expected to launch next year, with major banks such as ICICI and HDFC Bank already in the final stages of integration. The project will be rolled out in three stages, with the remaining banks being added later. Once implemented, this feature will allow customers to select their preferred bank’s net banking option when making online purchases, reducing the burden on UPI payments. The Reserve Bank of India (RBI) has also granted approval for NPCI Bharat Bill Pay to operate the new system.
Notice to all: Critical announcement regarding net banking services for HDFC, ICICI, and other bank customers
by newsworm | Nov 30, 2024 | Banking, HDFC Bank, ICICI Bank, RBI