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Digital Effect
May 17 , 2019
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- The Reserve Bank of India has put out its vision document for the “Payment and Settlement Systems in India” outlining the roadmap for 2019-2021.
- The core theme of the vision is ‘Empowering Exceptional (e)Payment Experience'.
- RBI plans to achieve a highly digital and cash-lite society.
- It expects payment systems like UPI/IMPS to register average annualised growth of over 100% and NEFT at 40% over the vision period.
- It projects that the 2,069 crore digital transactions in December 2018 may rise to 8,707 crore in December 2021.
- Payment Systems Vision 2021 has 36 specific action points and 12 specific outcomes.
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