RBI Guidelines for Payments Systems
RBI today released its framework for Payment and Settlement Systems, 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.
"Building a robust payments infrast...