Indian Banking EcosystemComplete Knowledge Base

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    Primary sources come first: the Reserve Bank of India, NPCI, other regulators, the Government of India and official annual reports. Reputable press is used where no primary source exists and is labelled as reported. Vendor statements are labelled as the vendor's claim. Figures that change monthly link to the live source instead of repeating a number that will go stale.

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    All facts, oldest first
    ClaimStatusConfidenceAs ofSourceChecked
    NPCI took over operation of the National Financial Switch from IDRBT with effect from 14 December 2009, under an RBI authorisation.Verifiedofficial18 December 2009National Payments Corporation of India15 days
    CERSAI is a Government company, licensed under section 25 of the Companies Act, 1956, set up to run the central registry under the SARFAESI Act; the registry became operational on 31 March 2011.Verifiedofficial25 May 2011Reserve Bank of India15 days
    The Government of India authorised CERSAI to act as the Central KYC Records Registry by notification S.O. 3183(E) of 26 November 2015; the registry went live on 15 July 2016.Verifiedofficial8 July 2016Reserve Bank of India15 days
    RBI's circular of 6 April 2018 requires payment system providers to store the entire data relating to their payment systems only in India; data on the foreign leg of a transaction may also be stored abroad.Verifiedofficial6 April 2018Reserve Bank of India15 days
    Payment system providers had to comply within six months and submit a system audit report by a CERT-In-empanelled auditor; the circular was issued under the Payment and Settlement Systems Act, 2007.Verifiedofficial6 April 2018Reserve Bank of India15 days
    EDB stated in 2019 that multiple Finacle modules had been migrated to EDB Postgres and implemented at financial institutions in Asia.Verifiedvendor-claim11 April 2019EDB15 days
    RBI sold its remaining stakes in NABARD (26 February 2019) and NHB (19 March 2019); the Government of India now owns 100% of both.Verifiedofficial24 April 2019Reserve Bank of India15 days
    RBI's framework for failed transactions, in force since 15 October 2019, sets outer time limits for reversal and requires compensation to be paid automatically, without a complaint.Verifiedofficial20 September 2019Reserve Bank of India15 days
    A failed transaction is one not fully completed for a reason not attributable to the customer, such as a link failure, an ATM without cash or a session time-out.Verifiedofficial20 September 2019Reserve Bank of India15 days
    If a UPI transfer debits the payer but does not credit the beneficiary, the beneficiary bank must reverse it by T+1 day; after that, ₹100 a day is payable.Verifiedofficial20 September 2019Reserve Bank of India15 days
    If a UPI payment to a merchant debits the payer but the merchant gets no confirmation, it must be reversed within T+5 days; after that, ₹100 a day is payable.Verifiedofficial20 September 2019Reserve Bank of India15 days
    If an IMPS transfer debits the payer but does not credit the beneficiary, it must be reversed by T+1 day; after that, ₹100 a day is payable.Verifiedofficial20 September 2019Reserve Bank of India15 days
    If an ATM debits the account but does not dispense cash, the bank must reverse it within T+5 days; after that, ₹100 a day is payable.Verifiedofficial20 September 2019Reserve Bank of India15 days
    NEFT has been available 24x7, on all days of the year including holidays, since 16 December 2019.Verifiedofficial6 December 2019Reserve Bank of India15 days
    When NEFT moved to 24x7 in December 2019, RBI set 48 half-hourly settlement batches a day.Verifiedofficial6 December 2019Reserve Bank of India15 days
    A beneficiary bank must credit or return an NEFT transaction within 2 hours of the batch settling.Verifiedofficial6 December 2019Reserve Bank of India15 days
    Finacle is developed by EdgeVerve Systems, a wholly owned subsidiary of Infosys, and marketed as Infosys Finacle.Verifiedvendor-claim31 August 2020EdgeVerve Systems15 days
    The vendor states that banks in over 100 countries use Finacle to serve more than a billion consumers and 1.3 billion accounts.Verifiedvendor-claim31 August 2020EdgeVerve Systems15 days
    Since 1 January 2021, banks must offer Positive Pay for cheques of ₹50,000 and above; using it is the account holder's choice, and banks may make it mandatory from ₹5 lakh.Verifiedofficial25 September 2020Reserve Bank of India15 days
    RBI asked NPCI to build the Positive Pay facility into CTS and make it available to participant banks, and refers to the CTS grids that NPCI runs.Verifiedofficial25 September 2020Reserve Bank of India15 days
    RBI barred Mastercard from onboarding new domestic card customers from 22 July 2021 for not complying with the payment data storage directions.Verifiedreported14 July 2021Business Standard15 days
    RBI had earlier restricted American Express and Diners Club from onboarding new domestic customers from 1 May 2021 on the same grounds.Verifiedreported14 July 2021The Tribune15 days
    SBI's core banking has run on TCS BaNCS since an implementation that began in 2001; in October 2021 TCS said the partnership was extended for five years.Verifiedvendor-claim6 October 2021Tata Consultancy Services15 days
    RBI set up the Reserve Bank Innovation Hub as a Section 8 company with ₹100 crore of initial capital; it was inaugurated in Bengaluru on 24 March 2022.Verifiedofficial24 March 2022Reserve Bank of India15 days
    CERT-In's directions of 28 April 2022 under section 70B(6) of the IT Act require reportable cyber incidents to be reported to CERT-In within 6 hours of noticing them; they took effect 60 days after issue.Verifiedofficial28 April 2022CERT-In, Ministry of Electronics and Information Technology15 days
    The same CERT-In directions require logs of all ICT systems to be kept securely for a rolling 180 days, within Indian jurisdiction.Verifiedofficial28 April 2022CERT-In, Ministry of Electronics and Information Technology15 days
    RBI announced on 8 June 2022 that credit cards, starting with RuPay, could be linked to UPI.Verifiedreported8 June 2022Business Today15 days
    RBI lifted the restriction on Mastercard in June 2022 after satisfactory compliance with the data storage directions.Verifiedofficial16 June 2022Reserve Bank of India15 days
    Since 1 October 2022, no entity in the card payment chain other than card issuers and card networks may store actual card data; merchants use tokens instead.Verifiedofficial28 July 2022Reserve Bank of India15 days
    IFTAS is a wholly owned subsidiary of RBI, registered under the Companies Act, 2013; it runs INFINET, SFMS, the Indian Banking Community Cloud and GIFT.Verifiedofficial20 September 2022Reserve Bank of India15 days
    ReBIT is a wholly owned subsidiary of RBI set up to serve RBI's IT and cyber security needs and improve the cyber resilience of Indian banking.Verifiedofficial20 September 2022Reserve Bank of India15 days
    IFTAS's Indian Banking Community Cloud provides core banking and other applications, such as SFMS and mobile banking, as web services.Verifiedofficial20 September 2022Reserve Bank of India15 days
    RBI issued the Master Direction on Outsourcing of Information Technology Services on 10 April 2023 (RBI/2023-24/102), effective 1 October 2023.Verifiedofficial10 April 2023Reserve Bank of India15 days
    RBI's IT outsourcing Direction counts cloud computing services as outsourced IT services and adds specific requirements for storing, computing and moving data in the cloud.Verifiedofficial10 April 2023Reserve Bank of India15 days
    When using cloud services, a regulated entity's outsourcing policy must cover the whole lifecycle of data, from creation and entry into the cloud until it is permanently deleted.Verifiedofficial10 April 2023Reserve Bank of India15 days
    RBI's Direction describes cloud security as a shared responsibility between the regulated entity and the cloud service provider.Verifiedofficial10 April 2023Reserve Bank of India15 days
    A regulated entity's outsourcing policy must include termination processes and exit strategies, including business continuity if a service provider leaves the arrangement.Verifiedofficial10 April 2023Reserve Bank of India15 days
    A service provider must report cyber incidents to the regulated entity without undue delay, so that the entity can report them to RBI within 6 hours of the provider detecting them.Verifiedofficial10 April 2023Reserve Bank of India15 days
    Outsourcing does not reduce a regulated entity's obligations; its board and senior management remain ultimately responsible for the outsourced activity.Verifiedofficial10 April 2023Reserve Bank of India15 days
    Responsibility for resolving customers' grievances about outsourced services stays with the regulated entity, and outsourcing cannot reduce customers' rights against it.Verifiedofficial10 April 2023Reserve Bank of India15 days
    Regulated entities must consider the risk of concentrating their outsourcing with a single provider or a few providers.Verifiedofficial10 April 2023Reserve Bank of India15 days
    Due diligence on an IT service provider must cover its experience and competence to deliver over the contract period and its financial soundness.Verifiedofficial10 April 2023Reserve Bank of India15 days
    Customer data passing through an Account Aggregator is not visible to, and does not reside with, the aggregator.Verifiedofficial1 August 2023Securities and Exchange Board of India15 days
    Financial information users in the Account Aggregator framework adopt technical specifications published by ReBIT.Verifiedofficial1 August 2023Securities and Exchange Board of India15 days
    Since RBI's circular of 4 September 2023, pre-sanctioned credit lines at scheduled commercial banks can fund UPI payments, with the customer's prior consent.Verifiedreported4 September 2023Khaitan & Co15 days
    RBI issued the Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices on 7 November 2023 (RBI/2023-24/107).Verifiedofficial7 November 2023Reserve Bank of India15 days
    RBI requires regulated entities to define recovery metrics, including a recovery point objective (RPO) and recovery time objective (RTO), for all critical information systems.Verifiedofficial7 November 2023Reserve Bank of India15 days
    For critical information systems, regulated entities should prioritise a minimal RTO, approved by their IT Strategy Committee, and a near-zero RPO; with a non-zero RPO they need a documented method for reconciling data when resuming from the alternate site.Verifiedofficial7 November 2023Reserve Bank of India15 days
    DR drills for critical information systems must be held at least every six months, and major issues found in a drill must be fixed and tested again before the next cycle.Verifiedofficial7 November 2023Reserve Bank of India15 days
    A DR test must switch over to the DR or alternate site and run it as the primary site long enough to cover at least a full working day, from beginning of day to end of day.Verifiedofficial7 November 2023Reserve Bank of India15 days
    Configurations and security patches must be identical at the primary data centre and the DR site.Verifiedofficial7 November 2023Reserve Bank of India15 days
    Regulated entities must back up data and periodically restore it to check that it is usable.Verifiedofficial7 November 2023Reserve Bank of India15 days
    NABARD had 3,134 staff members as of 31 March 2024.Verifiedofficial31 March 2024National Bank for Agriculture and Rural Development15 days
    NABARD was established on 12 July 1982 by an Act of Parliament and is wholly owned by the Government of India.Verifiedofficial31 March 2024National Bank for Agriculture and Rural Development15 days
    On 24 April 2024 RBI directed Kotak Mahindra Bank to stop onboarding new customers through online and mobile channels and to stop issuing new credit cards, citing concerns from its IT examinations of the bank for 2022 and 2023.Verifiedreported24 April 2024All India Radio News (Prasar Bharati)15 days
    RBI said it had found serious deficiencies in areas including IT inventory management, patch and change management, user access management, vendor risk management, data security and leak prevention, and business continuity and DR drills.Verifiedreported24 April 2024The Federal15 days
    RBI said the bank's core banking system and online channels had suffered frequent and significant outages over the previous two years, and that rapid growth in digital transactions was adding load on its IT systems.Verifiedreported24 April 2024Inc4215 days
    In 2020 RBI placed similar restrictions on HDFC Bank, barring new digital business-generating launches and new credit card sourcing; they were lifted in 2022.Verifiedreported24 April 2024Inc4215 days
    The National Financial Switch connected 2.61 lakh ATMs of 1,317 member banks as of 31 July 2024.Verifiedreported31 July 2024Institute for Development and Research in Banking Technology15 days
    RBI's draft circular of 5 August 2024 on model risk in credit proposed a board-approved model risk policy, independent validation before deployment, and outcomes that are unbiased, explainable and verifiable.Verifiedreported5 August 2024Lexology15 days
    RBI issued its Master Direction for Account Aggregators on 2 September 2016; an Account Aggregator must be a non-bank financial company registered with RBI.Verifiedofficial6 September 2024Reserve Bank of India15 days
    RTGS was launched on 26 March 2004.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    NEFT was launched in November 2005.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    RTGS has run 24x7 since December 2020, and NEFT since December 2019.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    RTGS settles each transaction in real time on a one-to-one gross basis.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    IDRBT launched INFINET, a closed user group network for banks, in June 1999; it now runs on MPLS.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    SFMS, a secure financial messaging platform, was launched on 14 December 2001 and is used by NEFT, RTGS and delivery-versus-payment settlement of government securities.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    IDRBT transferred INFINET, SFMS, the RTGS and NEFT systems and its banking community cloud to its subsidiary IFTAS in February 2015; IFTAS was transferred to RBI in 2019.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    IDRBT was established by RBI in March 1996 as a society under the Societies Registration Act.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    IDRBT has worked from its premises at Castle Hills, Masab Tank, Hyderabad since 1 July 1996.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    IDRBT is the certifying authority for digital certificates in the Indian banking and financial sector under the IT Act, 2000.Verifiedofficial1 January 2025Institute for Development and Research in Banking Technology15 days
    RBI lifted the restrictions on Kotak Mahindra Bank in February 2025, after an external audit and remedial measures.Verifiedreported12 February 2025All India Radio News (Prasar Bharati)15 days
    CCIL's largest shareholders include SBI (16.8%), LIC (10%), STCI Finance (10%), ICICI Bank (9.9%) and HDFC Bank (9%).Verifiedreported12 March 2025CARE Ratings15 days
    CCIL is a central counterparty authorised by RBI under the Payment and Settlement Systems Act, 2007.Verifiedreported12 March 2025CARE Ratings15 days
    NPCI was promoted by 10 banks, and its shareholding was spread across 65 entities as of 31 May 2025.Verifiedreported31 May 2025ICRA15 days
    NABARD's head office is at Bandra-Kurla Complex, Mumbai.Verifiedofficial30 June 2025National Bank for Agriculture and Rural Development15 days
    NPCI was incorporated in December 2008 as a not-for-profit company, an initiative of RBI and the Indian Banks' Association under the Payment and Settlement Systems Act, 2007.Verifiedreported30 June 2025ICRA15 days
    RBI classified NPCI as a system-wide important payment system in June 2020.Verifiedreported30 June 2025ICRA15 days
    Under continuous clearing, CTS settles every hour from 11:00, based on positive confirmations and deemed approvals from drawee banks.Verifiedofficial13 August 2025Reserve Bank of India15 days
    An RBI committee's report on responsible AI in finance (FREE-AI), placed on RBI's website on 13 August 2025, sets out 7 guiding principles and 26 recommendations under six pillars.Verifiedofficial13 August 2025Reserve Bank of India15 days
    From 15 September 2025, NPCI raised UPI limits for verified merchants in capital markets and insurance to ₹5 lakh per transaction and ₹10 lakh a day.Verifiedreported15 September 2025DD News (Prasar Bharati)15 days
    From 15 September 2025, UPI payments on the Government e-Marketplace, including taxes and earnest money deposits, can be up to ₹5 lakh per transaction.Verifiedreported15 September 2025DD News (Prasar Bharati)15 days
    From 15 September 2025, credit card bills can be paid by UPI up to ₹5 lakh per transaction and ₹6 lakh a day.Verifiedreported15 September 2025All India Radio News (Prasar Bharati)15 days
    The UPI limit for person-to-person transfers stayed at ₹1 lakh a day.Verifiedreported15 September 2025All India Radio News (Prasar Bharati)15 days
    RBI's Authentication Mechanisms for Digital Payment Transactions Directions, 2025, issued on 25 September 2025, require at least two factors of authentication for domestic digital payments, with compliance from 1 April 2026.Verifiedreported25 September 2025The Tribune15 days
    The 2025 authentication framework encourages new authentication factors but does not require banks to stop using SMS-based OTP.Verifiedreported25 September 2025Business Standard15 days
    Card issuers must be able to validate an additional authentication factor for non-recurring cross-border card-not-present transactions, when the overseas merchant asks, by 1 October 2026.Verifiedreported25 September 2025The Tribune15 days
    Before issuing its 2025 authentication Directions, RBI published draft directions for comment on 31 July 2024 and 7 February 2025.Verifiedreported25 September 2025Business Standard15 days
    MeitY notified the Digital Personal Data Protection Rules on 13 November 2025. Provisions on the Data Protection Board applied at once, consent-manager rules apply from 13 November 2026, and most obligations on organisations apply from 13 May 2027.Verifiedreported14 November 2025S.S. Rana & Co.15 days
    For digital payments other than card-present transactions, at least one authentication factor must be dynamic, that is, unique to the transaction.Verifiedreported1 December 2025KPMG in India15 days
    RBI moved the Cheque Truncation System from batch processing to continuous clearing with settlement on realisation; Phase 1 took effect on 4 October 2025.Verifiedofficial24 December 2025Reserve Bank of India15 days
    RBI postponed Phase 2 of continuous cheque clearing, which had been planned for 3 January 2026, until further notice.Verifiedofficial24 December 2025Reserve Bank of India15 days
    RBI set the CTS presentation session at 09:00 to 15:00 and the confirmation session at 09:00 to 19:00.Verifiedofficial24 December 2025Reserve Bank of India15 days
    DICGC's risk-based premium framework, released on 6 February 2026, replaces the flat premium of 12 paise per ₹100 of assessable deposits.Verifiedreported19 February 2026ICRA15 days
    On 24 June 2026 RBI released draft guidance on model risk management across the model lifecycle, including models that use AI and machine learning, for public comment.Verifiedreported25 June 2026Business Standard15 days
    UPI processed 23.66 billion transactions worth ₹29.88 trillion in July 2026.Verifiedreported31 July 2026Business Standard15 days
    UPI processed 24.51 billion transactions worth ₹29.82 trillion in August 2026, its highest monthly volume to date.Verifiedreported31 August 2026Business Standard15 days
    UPI averaged 791 million transactions a day in August 2026.Verifiedreported31 August 2026Business Standard15 days
    UPI's highest monthly value so far was ₹29.9 trillion, in May 2026, across 23.2 billion transactions.Verifiedreported31 August 2026Business Standard15 days
    IMPS processed 360 million transactions worth ₹7.04 trillion in August 2026.Verifiedreported31 August 2026Business Standard15 days
    RBI publishes monthly Payment System Indicators with volumes and values for every payment system; the latest edition found covers July 2026.Verifiedofficial29 September 2026Reserve Bank of India15 days
    The Reserve Bank Innovation Hub describes itself as a wholly owned subsidiary of RBI; its work includes the Unified Lending Interface and MuleHunter.ai.Verifiedofficial29 September 2026Reserve Bank Innovation Hub15 days
    BRBNMPL was established by RBI as a wholly owned subsidiary on 3 February 1995, with its registered and corporate office in Bengaluru.Verifiedofficial29 September 2026Bharatiya Reserve Bank Note Mudran Private Limited15 days
    BRBNMPL's two presses, at Mysuru and Salboni, can print 16 billion notes a year on a two-shift basis.Verifiedofficial29 September 2026Bharatiya Reserve Bank Note Mudran Private Limited15 days
    DICGC insures deposits up to ₹5 lakh per depositor per bank, covering principal and interest.Verifiedofficial29 September 2026Deposit Insurance and Credit Guarantee Corporation15 days
    DICGC is a wholly owned subsidiary of RBI, governed by the DICGC Act, 1961.Verifiedofficial29 September 2026Deposit Insurance and Credit Guarantee Corporation15 days
    DICGC's head office is in Mumbai; deposit insurance in India began on 1 January 1962.Verifiedofficial29 September 2026Deposit Insurance and Credit Guarantee Corporation15 days
    NHB was set up on 9 July 1988 under the National Housing Bank Act, 1987; its head office is in New Delhi.Verifiedofficial29 September 2026National Housing Bank15 days
    Regulation of housing finance companies moved from NHB to RBI with effect from 9 August 2019.Verifiedofficial29 September 2026National Housing Bank15 days
    CCIL was set up in April 2001; a core committee appointed at RBI's behest chose SBI, IDBI Bank, ICICI Bank, LIC, Bank of Baroda and HDFC Bank as its core promoters.Verifiedofficial29 September 2026The Clearing Corporation of India Limited15 days
    RTGS is meant mainly for large-value transfers: the minimum is ₹2 lakh, with no upper ceiling.Verifiedofficial29 September 2026Reserve Bank of India15 days
    RTGS has been available 24x7x365 since 14 December 2020.Verifiedofficial29 September 2026Reserve Bank of India15 days
    NEFT processes transactions received up to a set time in batches, while RTGS processes them continuously, one at a time.Verifiedofficial29 September 2026Reserve Bank of India15 days
    No financial information is retrieved, shared or transferred through an Account Aggregator without the customer's explicit consent, and joining is voluntary.Verifiedofficial29 September 2026Department of Financial Services, Ministry of Finance15 days
    As of 2026, AWS runs cloud regions in Mumbai and Hyderabad, Microsoft Azure in Pune, Chennai and Mumbai, Google Cloud in Mumbai and Delhi NCR, and Oracle Cloud in Mumbai and Hyderabad.Verifiedreported29 September 2026Cloud Infrastructure Map15 days
    RBI's Payment System Indicators list RTGS and NEFT under RBI-operated payment systems.Verifiedofficial29 September 2026Reserve Bank of India15 days

    Source registry

    1. Reserve Bank of India. Reserve Bank of India. Accessed 29 September 2026.
    2. National Payments Corporation of India. National Payments Corporation of India. Accessed 29 September 2026.
    3. Payment System Indicators (monthly). Reserve Bank of India. Accessed 29 September 2026.
    4. Introduction of Continuous Clearing and Settlement on Realisation in Cheque Truncation System (RBI/2025-26/73). Reserve Bank of India. Accessed 29 September 2026.
    5. Continuous Clearing and Settlement on Realisation in Cheque Truncation System: Phase 2 (RBI/2025-26/156). Reserve Bank of India. Accessed 29 September 2026.
    6. UPI sets new record at 24.51 bn transactions in Aug, value at ₹29.82 trn. Business Standard. Accessed 29 September 2026.
    7. NPCI raises daily UPI payment limit on P2M transactions to ₹10 lakh. DD News (Prasar Bharati). Accessed 29 September 2026.
    8. UPI raises daily P2M payment limit to Rs 10 lakh. All India Radio News (Prasar Bharati). Accessed 29 September 2026.
    9. Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis (RBI/2019-20/111). Reserve Bank of India. Accessed 29 September 2026.
    10. About IDRBT. Institute for Development and Research in Banking Technology. Accessed 29 September 2026.
    11. Milestones 1994-1998. Institute for Development and Research in Banking Technology. Accessed 29 September 2026.
    12. Chief Executive Officer (CEO) for Indian Financial Technology and Allied Services (IFTAS). Reserve Bank of India. Accessed 29 September 2026.
    13. Chief Executive Officer (CEO) for Reserve Bank Information Technology Pvt. Ltd. (ReBIT). Reserve Bank of India. Accessed 29 September 2026.
    14. Inauguration of the Reserve Bank Innovation Hub (Press Release 2021-2022/1903). Reserve Bank of India. Accessed 29 September 2026.
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    16. Company Profile. Bharatiya Reserve Bank Note Mudran Private Limited. Accessed 29 September 2026.
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    18. History of DICGC. Deposit Insurance and Credit Guarantee Corporation. Accessed 29 September 2026.
    19. DICGC Information Leaflet. Deposit Insurance and Credit Guarantee Corporation. Accessed 29 September 2026.
    20. RBI's risk-based premium framework for deposit insurance to enhance profitability of stronger banks. ICRA. Accessed 29 September 2026.
    21. Reserve Bank of India divests its share in NABARD and NHB (Press Release 2018-2019/2528). Reserve Bank of India. Accessed 29 September 2026.
    22. Annual Report 2023-24, chapter 9: People, Processes and Policies. National Bank for Agriculture and Rural Development. Accessed 29 September 2026.
    23. Standalone Financial Results for the quarter ended June 30, 2025. National Bank for Agriculture and Rural Development. Accessed 29 September 2026.
    24. About Us: Genesis. National Housing Bank. Accessed 29 September 2026.
    25. National Payments Corporation of India: rating rationale. ICRA. Accessed 29 September 2026.
    26. Takeover of NFS by NPCI from IDRBT (NPCI/NFS/OC No.1). National Payments Corporation of India. Accessed 29 September 2026.
    27. Promoters / Shareholders. The Clearing Corporation of India Limited. Accessed 29 September 2026.
    28. The Clearing Corporation of India Limited (Revised): rating press release. CARE Ratings. Accessed 29 September 2026.
    29. Setting up of Central Electronic Registry under the SARFAESI Act 2002 (RBI/2010-2011/545). Reserve Bank of India. Accessed 29 September 2026.
    30. RBI restricts Mastercard from onboarding new domestic customers. Business Standard. Accessed 29 September 2026.
    31. Restrictions on Mastercard lifted (press release). Reserve Bank of India. Accessed 29 September 2026.
    32. SBI deepens partnership with TCS to drive innovation and enhance customer experience. Tata Consultancy Services. Accessed 29 September 2026.
    33. RBI bars Mastercard from adding new clients in India. The Tribune. Accessed 29 September 2026.
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    35. EdgeVerve Systems Positioned a Leader by Gartner for the Finacle Core Banking Solution. EdgeVerve Systems. Accessed 29 September 2026.
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    38. 2022 CERT-In Directions on Reporting Cyber Incidents. Trilegal. Accessed 29 September 2026.
    39. Positive Pay System for Cheque Truncation System (RBI/2020-21/41). Reserve Bank of India. Accessed 29 September 2026.
    40. Amendment to Master Direction on KYC: Operationalisation of Central KYC Registry (RBI/2016-17/11). Reserve Bank of India. Accessed 29 September 2026.
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    43. Real Time Gross Settlement (RTGS) System: FAQs. Reserve Bank of India. Accessed 29 September 2026.
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    45. Account Aggregator Framework. Department of Financial Services, Ministry of Finance. Accessed 29 September 2026.
    46. Consultation paper on Financial Information Users in the securities markets under the Account Aggregator framework. Securities and Exchange Board of India. Accessed 29 September 2026.
    47. Credit lines on UPI: the next step towards digital financial inclusion. Khaitan & Co. Accessed 29 September 2026.
    48. Credit cards, starting with RuPay, can now be linked to UPI: RBI. Business Today. Accessed 29 September 2026.
    49. Reserve Bank of India (Information Technology Governance, Risk, Controls and Assurance Practices) Directions, 2023 (full text). Reserve Bank of India. Accessed 29 September 2026.
    50. Report of the Committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector (press release). Reserve Bank of India. Accessed 29 September 2026.
    51. RBI releases draft circular on model risk management in credit for lenders. Lexology. Accessed 29 September 2026.
    52. Reserve Bank issues draft Regulatory Principles for Management of Model Risks. Business Standard. Accessed 29 September 2026.
    53. RBI unveils new directions to strengthen digital payment security. The Tribune. Accessed 29 September 2026.
    54. RBI issues Directions on Framework on Authentication Mechanisms for Digital Payment Transactions. Business Standard. Accessed 29 September 2026.
    55. RBI Authentication Mechanisms for Digital Payment Transactions Directions, 2025. KPMG in India. Accessed 29 September 2026.
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    57. Infosys Finacle Names EnterpriseDB Open Source DB Partner of the Year. EDB. Accessed 29 September 2026.
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    59. RBI finds Kotak Mahindra Bank deficient in IT risk management, bars online customer onboarding (PTI). The Federal. Accessed 29 September 2026.
    60. RBI bars Kotak Mahindra Bank from onboarding new customers via online, mobile banking channels. Inc42. Accessed 29 September 2026.
    61. RBI lifts business restrictions on Kotak Mahindra Bank. All India Radio News (Prasar Bharati). Accessed 29 September 2026.
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    65. MeitY notifies final Digital Personal Data Protection Rules 2025. S.S. Rana & Co.. Accessed 29 September 2026.

    Corrections and independence

    This is an independent reference. It is not affiliated with, or endorsed by, the Reserve Bank of India, NPCI or any bank or vendor. If you find an error, tell the author (see About the author) with the page, the claim and a source; corrections are listed in the changelog.