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The Union Cabinet on Thursday gave its ex-post facto approval for modification in the Payment & Settlement Systems Bill, 2006, which has since been passed by the Lok Sabha in November and the Rajya Sabha in December.
The modification related to empowering the Reserve Bank of India to authorise a corporation to operate or regulate the existing clearing houses or new clearing houses of banks in order to have a common retail clearing house system for the banks through out the country.
For this purpose, a national payments company is sought to be established. The modification made to the Bill relates to a new stipulation that at least 51 per cent equity of the proposed company should be held by public sector banks.
