RBI Releases Its 'Cash-Lite' Vision For India

Aiming at a 'cash-lite' society, the Reserve Bank of India (RBI) released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system. The 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional (E)payment Experience', envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs).

With innovation and entry of more players, RBI expects the payment systems landscape to change further to ensure optimal cost to the customers and freer access to multiple payment system options.

The outlined Vision will be implemented during between 2019 and 2021.

The document said that payment systems like UPI/IMPS are likely to register average annualised growth of over 100 percent and NEFT at 40 percent over the vision period (period up to December 2021), where the number of digital transactions is expected to increase by over four times from 2,069 crore in December 2018 to 8,707 crore in December 2021.

"While the approach of the RBI will continue to be of minimal intervention in the pricing of charges to customers for digital payments, all efforts will be made towards facilitating the operation of payment systems which are efficient and price-attractive," it said.

The document talks about creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers, among others. In all, the Payment Systems Vision 2021 has 36 specific action points and 12 specific outcomes.

With inputs from PTI