The Reserve Bank of India (RBI) has released a vision document to ensure a more convenient, affordable, quick, safer and secure e-payment system. The RBI’s vision document is titled ‘Payment And Settlement Systems In India: Vision 2019 – 2021’
The vision document is released on a pretext that as per RBI’s speculations number of digital transactions in the country is expected to increase more than four times to 8,707 crores in December 2021. Also, digital payment systems like UPI and IMPS are most likely to register an average annual growth of more than 100%, and NEFT will grow at 40%, over the period of 2019 – 2021.
1. It talks about creating customer awareness, setting up a self-regulatory organization and 24X7 operational helpline for system operators as well as for service providers, among others.
2. No specific target has been considered for reducing cash in circulation.
3. The ‘No-Compromise’ approach towards security and safety of payment systems will remain a hallmark of vision.