Reserve Bank of India on May 15released a vision document, ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with its core theme of Empowering Exceptional (E) payment Experience that aims to achieve a highly digital and cash-lite society.
To achieve these objectives, the RBI outlined specific actions to take over the next two years. Some of these include:
Set up self-regulatory bodies for payment system operators, develop feature phone-based payment services to complement smartphone-based services and develop offline payment solutions and USSD-based payment solutions
Improve interoperability and build capability to process transactions of one system in another and explore the adoption of newer technologies, including distributed ledger technology for enhancement of digital payment services.
Encourage standing instructions for payment transactions and Push contact-less payments and tokenization. It plans to improve the use of bill discounting systems or TReDs and increase coverage of the cheque truncation system.