RBI’s blueprint for regulation of payments system

Mumbai :The Reserve Bank of India (RBI) on Friday released ‘Payments Vision 2025’, a blueprint for regulation of payment systems in the country. Ensuring safe, secure, reliable, accessible, affordable, and efficient payment systems has been one of the important strategic objectives and goals of the Reserve Bank of India (RBI). Towards the pursuit of these objectives, India has developed one of the most modern payment systems in the world, be they large value, retail or fast, the RBI noted in the vision document. The past decade has witnessed the blossoming of quite a few payment systems, all for the convenience of the common man with an enhanced level of confidence through various safety and security measures. The role of RBI has transformed from being a regulator, operator and facilitator to the creator of an environment for the structured development of the payments ecosystem in India. Payments Vision documents of RBI have been providing the strategic direction and implementation plan for this development since 2001, the document noted. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.