The Reserve Bank of India, today released on its website, the draft Payment System Vision Document 2012-15 for public consultation. Comments on the Vision Document are invited from members of the public, academia, industry and other stakeholders. Comments can be sent by email by 31 July, 2012.

The Payments System Vision Document 2012-15 envisages by ways and means of ensuring that “payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards”. Accordingly, it proposes to “proactively encourage electronic payment systems for ushering in a less-cash society in India” as its Vision.

The Reserve Bank 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. The tasks laid out in the above document have been completed to a large extent. The new Vision Document intends to take the Mission further to meet the growing payment needs of the nation.

R R Sinha
Deputy General Manager

Press Release : 2011-2012/2083