Promote electronic transactions for safety

MUMBAI: The Reserve Bank of India (RBI) has released Payments System Vision Document 2012-15 on Thursday that proposed to promote electronic transactions towards a “less-cash” economy, with an intention to make payment and settlement in the country safer.
In the document the RBI said, “the document envisages by ways and means of ensuring payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards.”

The regulation would aim at channelising innovation and competition to meet the demands consistent with international standards and best practices, as the payment systems will be driven by customer demands of convenience and ease of use to access, the RBI document said.
Earlier, the RBI had published a vision document regarding the course of action that would be undertaken in the field of payment and settlement systems within next three years.