RBI releases framework on payments systems

Posted on:25 Jun 2016 13:34:51

RBI releases framework on payments systems
25 June 2016 Current Affairs: The Reserve Bank of India (RBI) has released its much awaited 'Vision-2018' document.

The 'Payment and Settlement Systems in India: Vision-2018' aims at building best of class payment and settlement systems for a 'less-cash' India and ensuring access of mobile banking services to even basic phone users.

The document's focus is on improving the infrastructure and regulations in the country to reduce cash transactions and increase use of technology.

The RBI has  that its vision document focuses on responsive regulation, robust infrastructure, effective supervision and customer centricity.

The RBI statement said that service providers will be encouraged to use technology to provide innovative easy to use mobile based payment solutions in an interoperable environment without compromising on security. RBI expects the Vision to result in a continued decrease in the share of paper-based clearing instruments.

 


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs May 2017

23 MAY
NEWS
22 MAY
NEWS
20 MAY
NEWS
19 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS

Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS