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The Reserve Bank of India (RBI) released the “Payment and Settlement Systems in India: Vision-2018”. The vision reiterates the aims of building a “less-cash” society by encouraging greater use of electronic payments by all sections. The objective is to ensure that a robust payments infrastructure is established in the country to increase accessibility, availability, interoperability and security.
The broad contours of Vision-2018 revolve around 5Cs – Coverage, Convenience, Confidence, Convergence and Cost.
To achieve 5 C's , Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective supervision and customer centricity.
Responsive Regulation: Involve all stakeholders 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.
Robust Infrastructure: Aim is to increase the accessibility, availability, interoperability and security of the payment systems.
Effective Supervision: Aims to strengthen the resilience of the Financial Market Infrastructures (FMIs) and System Wide Important Payment Systems (SWIPS) in the country. This also envisages setting up appropriate oversight framework for new systems and augmenting the data reporting and fraud monitoring systems.
Customer Centricity: Envisages streamlining the customer grievance redressal mechanism, focus on building customer awareness and education, and initiate customer protection measures.
Analysis:
By: Vishal ProfileResourcesReport error
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