Reserve Bank of India has unveiled its ‘Payments Vision 2028’ to provide direction to India’s burgeoning digital payments sector

Reserve Bank of India has unveiled its ‘Payments Vision 2028’ to provide direction to India’s burgeoning digital payments sector

¨     Reserve Bank of India has unveiled its ‘Payments Vision 2028’ to provide direction to India’s burgeoning digital payments sector.

¨     This roadmap is themed around ‘Shaping India’s Payment Frontier’.

¨     It emphasizes strengthening user control and security in digital transactions.

¨     Enhancing the efficiency of cross-border payments is one of its primary objectives.

¨  The vision aims to streamline business operations further and promote the ‘Ease of Doing Business’.

¨     This strategy outlines the goals and actions to be achieved by December 2028.

¨  The RBI has proposed establishing interoperability among ‘Trade Receivables Discounting Systems’ (TReDS) to enhance financing efficiency.

¨  It plans to introduce a ‘Switch On/Off’ option for digital payments, similar to existing Card Control Features.

¨  This feature aims to assist users in managing their transactions and mitigating the risks of fraud.

¨     It also seeks to simplify regulatory approvals under the ‘Payment and Settlement Systems Act, 2007’ and the ‘Foreign Exchange Management Act, 1999’.

¨   In cases of unauthorized digital transactions, an approach of ‘Shared Liability’ between the payment-issuing and receiving banks is being considered.