{"id":17122,"date":"2019-05-21T12:04:46","date_gmt":"2019-05-21T06:34:46","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=17122"},"modified":"2023-06-24T21:13:01","modified_gmt":"2023-06-24T15:43:01","slug":"payment-and-settlement-systems-in-india-vision-2019","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/payment-and-settlement-systems-in-india-vision-2019\/","title":{"rendered":"RBI’s Vision Document 2019-2021 on Payment and Settlement Systems in India to Promote Digital Economy"},"content":{"rendered":"

A vision document was essential for the growth of the digital economy. Therefore RBI released a vision 2019 – 2021 document on the Payment and Settlement System in India last week aiming at a ‘cash-lite<\/strong>’ society. This document will work as a mechanism for creating confidence among the general public. <\/p>\n\n\n\n

The prime focus of the Reserve Bank of India (RBI[1]<\/a><\/sup>)<\/strong> is to ensure a safe, expedient, secure, and reasonable e-payment system, as we can expect a more than four times increase in digital transactions by the year 2021. The main aim is to form a cash-free society. <\/p>\n\n\n\n

What is the <\/strong>Objective of the Vision Document?<\/strong><\/h2>\n\n\n\n

The vision document will focus on empowering the payment and settlement system in India, and it will increase 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 emphasizes improvement, cyber security, customer protection, financial inclusion, as well as competition.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

The RBI clarified the implementation of the vision document during the years 2019 – 2021. The RBI aims to bring innovation in technology to save the time of end consumers and enable access to various safe, secure, convenient and affordable e-payment options.  <\/p>\n\n\n\n

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“Achieve a ‘highly digital’ and ‘cash-lite’ society through the goal posts of Competition, Cost-effectiveness, Convenience and Confidence (4Cs)”<\/em><\/strong><\/div>\n\n\n\n

Previous\nScenario of Vision Document<\/strong><\/h2>\n\n\n\n

Previously RBI issued a vision document in the year 2018 focusing on receptive regulation, robust infrastructure, effective supervision and customer centricity, which resulted in the following:<\/p>\n\n\n\n