Payment and Settlement Systems in India: Vision 2019 2021

The Reserve Bank of India (RBI) has released the vision document ‘Payment and Settlement Systems in India: Vision 2019 – 2021’ aiming at a cash-lite society.

About the Vision Document

  • It aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable.
  • The theme of the vision document is ‘Empowering Exceptional (E)payment Experience’ and it envisages to achieve “a highly digital and cash-lite society” through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).
  • It provides for 36 specific action points and 12 specific outcomes.

Objectives Outlined in the Document

  • Enhance Customer experience, including robust grievance redressal.
  • Empower payment System Operators and Service Providers.
  • Enable the payments Eco-system and Infrastructure.
  • Put in place Forward-looking Regulations.
  • Undertake Risk-focused Supervision.
  • No-compromise approach towards safety and security of payment systems remains a hallmark of the Vision.

The vision document proposes creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers, among others.

Banks would be implementing the approach outlined in this Vision during the period 2019 2021. The approach of the RBI would be of minimal intervention in the pricing of charges to customers for digital payments, all efforts will be made towards facilitating the operation of payment systems which are efficient and price-attractive.


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