MONTHLY ARCHIVES: JUNE, 2016
Posted on June 27, 2016 by Sumita Kale
The Reserve Bank of India has released the Payment and Settlement Systems in India: Vision-2018 with four strategic initiatives: responsive regulation, robust infrastructure, effective supervision and customer centricity.
The document lays out the specific tasks to achieve by 2018 under each initiativeSince the The Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008, the RBI has worked towards a less-cash economy, with the objective of ensuring that any person in the country can transact seamlessly with any other person in any other part of the countryWhile a strong foundation of robust infrastructure and efficient oversight and supervision are key to the transformation, the RBI is also focusing now on customer centricity, to ensure that the banks and payment service providers have appropriate customer protection measures and grievance redressal system in place.
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