RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

| | Mumbai
  • 0

RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Thursday, 16 May 2019 | PTI | Mumbai

Aiming at a ‘cash-lite’ society, the Reserve Bank of India Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021.

The ‘Payment and Settlement Systems in India: Vision 2019 - 2021’, with its core theme of ‘Empowering Exceptional (E)payment Experience’, envisages to achieve “a highly digital and cash-lite society” through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs).

The RBI said 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 Reserve Bank of India will implement the approach outlined in this Vision during the period 2019 - 2021,” it said.

State Editions

Admission for UG courses begins in city colleges

22 May 2019 | Divya Modi | Ranchi

BJP trying to lure Cong MLAs, says Nath

22 May 2019 | Staff Reporter | Bhopal

Matching VVPAT slips would delay results: CEO

22 May 2019 | Staff Reporter | Bhopal

BSP suspends Ramveer Upadhyay

22 May 2019 | PNS | Lucknow

12 killed in mishaps

22 May 2019 | PNS | Lucknow

Sunday Edition

Globe Trotting

19 May 2019 | Agencies | Sunday Pioneer

Left, TMC urge EC to ensure free, fair polling

19 May 2019 | PNS | Sunday Pioneer

Didi’s nephew sends defemation notice to PM

19 May 2019 | Saugar Sengupta | Sunday Pioneer

MoD rejects Vice Admiral Bimal Verma's petition

19 May 2019 | PNS | Sunday Pioneer