RBI releases Vision-2018 to ease payment systems

The Dollar Business Bureau

The Reserve Bank of India (RBI) on Friday released the “Vision-2018” document with an aim to build best of class payments and settlement systems for a less-cash India and also to ensure the mobile banking service access to even the users of basic phones. 

The Vision-2018 mainly leverages on 5Cs- cost, convergence, confidence, convenience, coverage.

The focus of the document is also on improving the regulation and infrastructure in the country, and to reduce the cash transaction with the use of technology.

The Vision-2018 focuses on robust infrastructure, responsive regulation, customer centricity and effective supervision, the RBI said in a statement.

The banking regulatory body said the proposed new policy would be framed to focus on electronic payments which would influence the trends in the payment systems. All the service providers will be encouraged to use technology so that it could provide innovative easy-to-use mobile-based payments solution.

RBI expects the Vision 2018 to result in a continued decrease in share of paper-based clearing instrument to enhance growth in the individual segments of electronic payment systems like NEFT, mobile banking, IMPS and card transactions.

An increase in the registered customer base for mobile banking, accelerated use of Aadhaar in payment systems and growth in the acceptance infrastructure are some of the changes the RBI envisions to bring in the banking system with this vision document.