RBI releases ‘Payment and Settlement Systems in India: Vision 2019 – 2021’

The Reserve Bank of India (RBI) has released a vision document – Payment and Settlement Systems in India: Vision 2019 – 2021 – with its core theme of ‘Empowering Exceptional E-payment Experience’, for ensuring a safe, secure, convenient, quick and affordable e-payment system. The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. The vision document has been envisages to achieve a highly digital and cash-less society through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs). The document talks about creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers, among others. And also, the ‘no-compromise’ approach towards safety and security of payment systems remains a hallmark of the vision.