INDIA PROPOSES AMENDMENT TO ALLOW FOREIGN ENTITIES DIRECT ACCESS TO PAYMENT SYSTEMS

India is planning to amend its Payments and Settlement Systems Act to permit foreign entities to gain direct membership in its core payment networks, including RTGS and NEFT. The move is designed to attract greater foreign investment and streamline cross-border transactions. This legislative change is seen as a foundational step toward integrating India's Unified Payments Interface (UPI) with international payment systems.