RBI 'vision document’ aims at minimising cash transactions by 2015

The Reserve Bank of India (RBI) has released Payments System Vision Document 2012-15 that envisages increased migration to cash-less transactions.

The focus of the document is on providing a thrust to modern electronic payments that are safe, simple and low-cost for use by all, as these will also meet payment needs such as remittances under the overall ambit of financial inclusion, RBI said in a release.

The Vision Document 2012-15 aims at ensuring that ''payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards''.

Accordingly, RBI said, it would ''proactively encourage electronic payment systems for ushering in a less-cash society in India.''

The RBI had earlier published a Vision Document outlining the course of action that would be undertaken in the field of payment and settlement systems over a three-year period. Those tasks have been completed to a large extent and the new Vision Document intends to take the mission further to meet the growing payment needs of the nation.

Since payment systems will be driven by customer demands of convenience, ease of use and access, RBI said regulation would aim at channelising innovation and competition to meet these demands consistent with international standards and best practices.