RBI to release new payment system vision document

MUMBAI: The Reserve Bank of India will soon release the new payments vision document that will outline initiatives that is required to meet the growing payment needs of the nation.

“We have been periodically bringing out payment system vision documents right from 1998,” R Gandhi, Deputy Governor RBI said at the sidelines of an event organized by National Payments Corporation Of India.

“The latest one that got completed was in 2015, so now we are working on the next vision document which will cover developments initiatives the reserve bank should be encouraging the industry to do.”

Gandhi also added that RBI would be able to release the document quickly as it was work in progress. The payments vision document is usually for a period of 3 years.

The last payment vision document was released by RBI in 2012 which proposed proactively encouraging electronic payment systems for ushering in a less-cash society in India.