time view via new platform; tighter oversight on risky sectors
November 27, 2025
Cybersecurity News: Banking Connect, a new net banking platform by NBBL, will allow the RBI to monitor fund transfers in real time, aiding in tracking flows to sectors li
Banking Connect, a new net banking platform by NBBL, will allow the RBI to monitor fund transfers in real time, aiding in tracking flows to sectors like crypto and gaming. This platform aims to significantly increase monthly bill payment volumes and enhance fraud prevention by addressing existing gaps in the payment ecosystem.
Banking Connect, a newly launched net banking platform, will enable the Reserve Bank of India to monitor fund transfers in real time, a senior official at NPCI Bharat BillPay (NBBL) said on Thursday. The platform, created by NBBL — a wholly owned subsidiary of the National Payments Corporation of India (NPCI) — was launched last month, according to PTI. NBBL managing director and chief executive Noopur Chaturvedi told reporters in Mumbai that the company is aiming to increase its monthly bill payment volumes nearly fourfold to 1 billion transactions over the next four years, compared with 260 million at present. A real-time view of transactions through the platform will help the regulator track fund flows to sectors such as cryptocurrency and gaming, she added. Chaturvedi said it currently takes at least a week for the RBI to receive net banking transaction data from banks and, in some cases, up to a year. The platform is expected to strengthen fraud prevention by acting against suspect transactions, though she noted that social engineering scams — where customers are tricked into sharing sensitive information — remain difficult to curb. The platform was developed to address gaps in the existing payment ecosystem, particularly as net banking is predominantly used for merchant payments. Key features include interoperability and a mobile-first design. Six banks and multiple payment aggregators have joined the system, and efforts are underway to onboard the top five banks by net banking volumes within a month. Chaturvedi said about 80 million customers currently use net banking, conducting roughly 300 transactions each month valued at over Rs 6 lakh crore. While UPI has grown rapidly, net banking has expanded only in single digits, she added. On increasing bill payment adoption, she said around 70 million households use the service today, and NBBL aims to more than double that to over 135 million — equivalent to half of all Indian households.
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Banking Connect, a newly launched net banking platform, will enable the Reserve Bank of India to monitor fund transfers in real time, a senior official at NPCI Bharat BillPay (NBBL) said on Thursday. The platform, created by NBBL — a wholly owned subsidiary of the National Payments Corporation of India (NPCI) — was launched last month, according to PTI. NBBL managing director and chief executive Noopur Chaturvedi told reporters in Mumbai that the company is aiming to increase its monthly bill payment volumes nearly fourfold to 1 billion transactions over the next four years, compared with 260 million at present. A real-time view of transactions through the platform will help the regulator track fund flows to sectors such as cryptocurrency and gaming, she added. Chaturvedi said it currently takes at least a week for the RBI to receive net banking transaction data from banks and, in some cases, up to a year. The platform is expected to strengthen fraud prevention by acting against suspect transactions, though she noted that social engineering scams — where customers are tricked into sharing sensitive information — remain difficult to curb. The platform was developed to address gaps in the existing payment ecosystem, particularly as net banking is predominantly used for merchant payments. Key features include interoperability and a mobile-first design. Six banks and multiple payment aggregators have joined the system, and efforts are underway to onboard the top five banks by net banking volumes within a month. Chaturvedi said about 80 million customers currently use net banking, conducting roughly 300 transactions each month valued at over Rs 6 lakh crore. While UPI has grown rapidly, net banking has expanded only in single digits, she added. On increasing bill payment adoption, she said around 70 million households use the service today, and NBBL aims to more than double that to over 135 million — equivalent to half of all Indian households.
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