India, April 10 -- The time isn't far when Indian users will be able to transfer money and consolidate savings across multiple wallet accounts all thanks to the central banker's new policies. The Reserve Bank Of India (RBI) made a slew of announcements this week that could change the banking sector for good.

First, the RBI on Wednesday (April 7) announced that PPIs (prepaid payments instruments) such as digital wallets have to be made interoperable which has been a bone of contention for payments players for a long time. After the RBI released its Master Directions in October 2017, digital wallets were expected to become interoperable within six months. But the plans were put on hold.

Second, RBI announced that payments banks (PB) will ...