What changed
RBI replaced the 2008 access criteria with a two-tier framework: one set for centralised payment systems (RTGS, NEFT, NECS) and another for decentralised systems. For centralised systems, uniform criteria now include minimum 9% CRAR, net NPAs below 5%, net worth of Rs.25 crore, and regulatory department recommendation (obtained independently by RBI). UCBs under all-inclusive directions remain excluded from INFINET and RTGS membership; other UCBs get INFINET access, and RTGS only for well-managed UCBs with Rs.25 crore net worth.
What it means for you
Banks must meet stricter financial health thresholds (CRAR, NPAs, net worth) to join centralised payment systems, strengthening risk management. UCBs get wider access but with a higher net worth bar for RTGS, potentially limiting smaller or weaker banks. The uniform criteria simplify membership but raise the entry bar, pushing banks to maintain strong balance sheets.
What you must do
- Review your bank's latest audited CRAR, net NPAs, and net worth against the new thresholds (9%, <5%, Rs.25 crore).
- Note that the regulatory department recommendation will be obtained independently by RBI; you need not furnish it at application.
- For UCBs, assess eligibility for INFINET and RTGS; those under all-inclusive directions cannot access these systems.
- Submit applications to RBI's Department of Payment and Settlement Systems, Mumbai, using the prescribed form.
Who it affects
All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks (UCBs), State Co-operative Banks, District Central Co-operative Banks, Primary Dealers
What are the new uniform access criteria for centralised payment systems?
Banks need a minimum CRAR of 9%, net NPAs below 5%, net worth of at least Rs.25 crore, and a recommendation from the relevant RBI regulatory department.
Are UCBs now eligible for RTGS membership?
Only well-managed and financially sound UCBs with a minimum net worth of Rs.25 crore can get RTGS membership. UCBs under all-inclusive directions are excluded.
Does meeting the criteria automatically grant INFINET and current account access?
Yes, for centralised payment systems, fulfilling the criteria simultaneously grants INFINET membership and eligibility for current and SGL/CSGL accounts with RBI, subject to documentation.