Behind every UPI payment, every NEFT transfer, every subscription auto-debit is a regulated payment system — an entity authorised by the RBI under the Payment and Settlement Systems Act, 2007 to handle other people's money. The regulation of these systems — who can operate them, how funds are held in transit, what happens when a transaction fails, how disputes are resolved — is the plumbing that makes digital payments work.
158 payment system notifications, 92 NEFT/RTGS notifications, 25 payment aggregator notifications, and 50 ECS/NACH notifications build this infrastructure.
See also: Digital Payments in India
For the full story of how India built UPI, IMPS, and the real-time payment infrastructure — see How India Built the World's Largest Real-Time Payment System.
Last updated: April 2026