The RBI released a Policy Paper on Authorisation of New Retail Payment Systems asking for public feedback by 20 February 2019. The paper looks at the competition and concentration aspect of payment systems in India, noting the pivotal role that NPCI has garnered. The recommendations in the paper are for encouraging competition, opening on - tap licensing in all segments of the payments systems, putting in place liberal entry norms and aligning the regulatory framework towards increased participation by banks and non - banks. This is an encouraging development. In the Indicus Policy Brief, “Towards a Mature Digital Payments Market for India” (ICFI, October 2018), we had set out the same path forward for opening the payments space. We had also recommended that the government follow the Watal Committee recommendation for legal changes to classify NPCI as a Critical Payment Infrastructure Company (CPIC), to increase transparency and accountability. Another step needed is the separation of platform from product in all payment segments, in line with the guidelines of the Bharat Bill Payments System.

Some of the successes in financial inclusion through the Pradhan Mantri Mudra Yojana were noted by the Finance Minister in his speech on the Interim Budget 2019 - 20, for instance almost 70% of the accounts are held by women who are getting affordable and collateral - free loans to start their own businesses. Though women got special mention in the budget speech, we still await gender - disaggregated data from the RBI.

The latest Indicus Policy Brief makes a case for reworking the governance framework for India's financial inclusion mission, please read Policy Brief, December 2018.

• Payments Banks - Where To From Here – ICFI Policy Brief November, 2018
• Some Reflections on Micro Credit and How a Public Credit Registry Can Strengthen It , Dr Viral Acharya, Deputy Governor, RBI, 24 January 2019
• The Reserve Bank introduces Ombudsman Scheme for Digital Transactions
• RBI releases guidelines on Tokenisation – Card Transactions
• RBI constitutes Committee on Deepening of Digital Payments
• RBI constitutes Expert Committee on Micro, Small & Medium Enterprises (MSMEs)
• Pradhan Mantri Jan Dhan Yojana Progress Report

• Fintech will be a key driver for financial inclusion

• RBI prepares for full financial inclusion in hinterland

• Financial inclusion in India is soaring. Here's what must happen nex

• India badly needs a regulatory sandbox for payments. Here's why

• The latest RBI updates can accelerate digital payments and increase card safety in India

• Financial inclusion is fast losing steam

• India's ₹1 trillion mobile payment system

• How RBI Can Shake Up India's Retail Payment Systems

• Great Expectations: Fintech and the Poor

• 8 Lessons from Using a Messaging Platform to Support Digital Payments

• Let’s Free Up Cash Networks by Rethinking Agent Regulations

• Building Open APIs for Digital Finance? Think Sprints, Not Marathon

• Aligning regulations to enhance digital financial inclusion in Indonesia, MSC, November 2018
• Safeguarding Rules for Customer Funds Held by EMIs, CGAP, December 2018
• A Guide to Supervising E - Money Issuers, CGAP, December 2018