RBI Releases Framework on Payments Systems
Reserve Bank released its framework for 'Payment and Settlement
Systems in India', with a view to moving towards "less-cash" society
and ensuring access of mobile banking services to even basic phone users.
The Vision-2018 reiterates commitment of RBI to encourage greater use of electronic payments by all sections of society so as to achieve
a "less-cash" society,RBI said.
"The policy efforts will also focus on ensuring that access
to mobile banking services is seamlessly provided to the large number of users
of non-smartphone handsets in multiple languages," it said.
Leveraging on 5Cs - Coverage, Convenience, Confidence,
Convergence, Cost - Vision-2018 focuses on responsive regulation, robust
infrastructure, effective supervision and customer centricity, it said.
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