RAASt

Raast is a real-time payment system in India developed by the National Payments Corporation of India (NPCI) in coordination with the Reserve Bank of India (RBI). It provides instantaneous interbank funds transfer and settlement on a 24x7 basis, with rapid finality. The system is designed to complement existing payment rails such as UPI, IMPS, and RTGS, enabling direct bank-to-bank transfers between participating banks and payment service providers. Transactions on Raast can be initiated using various identifiers, including payment addresses or virtual IDs, rather than relying solely on traditional bank account details.

Raast supports a range of use cases, including person-to-person (P2P), person-to-merchant (P2M), and government or business disbursements. Its primary objectives are to improve accessibility, reduce settlement times, and enable cross-bank transfers across the country. The platform forms part of RBI and NPCI’s broader push to modernize India's payments landscape, enhance financial inclusion, and reduce dependence on cash.

Raast operates under the regulatory framework overseen by the RBI and is governed by NPCI, with participating banks and payment service providers joining as members. Security and risk management are central considerations, incorporating authentication, authorization, and continuous monitoring to mitigate fraud and protect data. As adoption grows, Raast aims to unify India’s real-time payments ecosystem, offering faster, cheaper transfers for consumers and businesses alike.