The Reserve Bank of India has released the Payment and Settlement Systems in India: Vision-2018 with four strategic initiatives: responsive regulation, robust infrastructure, effective supervision and customer centricity.
- Firstly, RBI, in consultation with all the stakeholders, will continue its efforts to create a regulatory framework to promote twin objectives of enhanced coverage with interoperability of the payments system and convenience with security for the end-users in sync with emerging developments and innovations.
- Secondly, building a robust payments infrastructure in the country to increase the accessibility, availability, interoperability and security of the payment systems will continue to remain a key objective.
- Thirdly, Vision-2018 will focus on effectiveness of supervisory mechanisms to strengthen the resilience of the Financial Market Infrastructures (FMIs) and System Wide Important Payment Systems (SWIPS) in the country besides setting up appropriate oversight framework for new systems, and augmenting the data reporting and fraud monitoring systems.
- Finally, Vision-2018 will adopt a customer centric approach to streamline the customer grievance redressal mechanism, focus on building customer awareness and education, and initiate customer protection measures.
The document lays out the specific tasks to achieve by 2018 under each initiative. Since the The Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008, the RBI has worked towards a less-cash economy, with the objective of ensuring that any person in the country can transact seamlessly with any other person in any other part of the country. While a strong foundation of robust infrastructure and efficient oversight and supervision are key to the transformation, the RBI is also focusing now on customer centricity, to ensure that the banks and payment service providers have appropriate customer protection measures and grievance redressal system in place.