RBI issues Vision document for the future of payment system in India

Reserve Bank of India (RBI) has issued a Vision Document from the aspect of - safety, security, soundness and efficiency with accessibility and authority of the payment systems carries critical importance. The vision document is a guide book about the payments and settlement system-related activities of RBI.In the vision document, RBI has highlighted the scope of achieving the  robust payment and settlement infrastructure through technological tools. Prepaid Instruments, Voice, Internet and Mobile payment systems and dynamic online presence are some of the technical skills which are acknowledged in the vision document. Internet and Mobile Association of India (IAMAI) has welcomed this initiative of RBI. Subho Ray, President, IAMAI said, “Smooth functioning of payment systems becomes vital in the light of inter-linkages they have with other financial systems. In today's context, mobile technology clubbed with robust online presence could contribute significantly in this direction.” According to the newly introduced vision statement, outreach of existing payment system products should be enhanced geographically and more segments of the populace in the country shall continue to be focused upon.RBI will continue to play an important role in introducing customer service initiatives. Towards this direction, the recent steps taken in various payment system segments include — card payments , ATM payments , rationalising charges for electronic payments and collection of outstation cheques, mobile payments , pre-paid payment instruments and so on.