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A vision document was essential for the growth of digital economy. Therefore RBI released a vision 2019 – 2021 document on Payment and Settlement System in India last week aiming at a ‘cash-lite’ society. This document will work as a mechanism for creating confidence among the general public.
The prime focus of Reserve Bank of India (RBI) is to ensure safe, expedient, secure, and reasonable e-payment system as we can expect more than four times increase in digital transactions by the year 2021. The main aim is to form cash-free society.
The vision document will focus on the empowering payment and settlement systems in India, and it will increase the digital transactions in the economy besides offering ease to the end consumers. As there is an alignment of payment system providers with the regulators, digital transactions will increase particularly in rural areas and minor cities. It emphasize on improvement, cyber security, customer protection, financial inclusion, as well as competition.
The report consists of 36 specific action points with 12 specific outcomes based on the inputs from various stakeholders and guidance of the Board for Regulation and Supervision of Payment and Settlement Systems.
The RBI clarified on the implementation of vision document during the years 2019 – 2021. The RBI is aiming at bringing innovation in technology to save the time of end consumers and enabling access to various safe, secure, convenient and affordable e-payment options.
Previously RBI issued vision document in the year 2018 focusing receptive regulation, robust infrastructure, effective supervision and customer centricity, which resulted in the following:
In our opinion, the step taken by the RBI to strengthen payment system will go a long way. It will act as a mechanism for promoting digital transactions among the general public.