At the same time, we took care to ensure that the non-banks which come in adhere to KYC/AML guidelines and follow the prescribed guidelines for customer protection and customer service.
For example, even as non-banks specialise in payment services and products, the settlement domain remains with the banks, and the outstanding balances are required to be kept in an escrow (trust) account so as to insure against bankruptcy. 21. Recently, the Reserve Bank has allowed entry for non-banks into another payment space – ATMs.