RBI publishes Payment and Settlement Systems in India: Vision 2019 – 2021

May 16, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on May 15, 2019, has published the “Payment and Settlement Systems in India: Vision 2019 – 2021”. The Payment Systems Vision 2021 aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable. It envisages achieving a ‘highly digital’ and ‘cash-lite’ society through the goal posts of Competition, Cost effectiveness, Convenience and Confidence. The payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.

The Payment Systems Vision 2021 aspires to:

(a) enhance Customer experience, including robust grievance redressal; 

(b) empower payment System Operators and Service Providers; 

(c) enable the payments Eco-system and Infrastructure; 

(d) put in place Forward-looking Regulations; and 

(e) undertake Risk-focused Supervision. 

The Reserve Bank of India will implement the approach outlined in this Vision during the period 2019 – 2021. The previous Vision document covered the period 2016-2018.


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.