RBI plans shared liability for digital frauds, pushes open card ecosystem in Vision 2028

The RBI, in its Payments Vision Document 2028, is working towards introducing a shared responsibility framework under which both the customer’s bank (issuer) and the beneficiary’s bank would jointly bear liability for unauthorised digital payment transactions.

This approach is expected to incentivise both parties to strengthen fraud detection and prevention systems, improve coordination for timely intervention, and enhance overall consumer protection and trust in digital payments.

In its payments vision document the regulator has also said that Switch on and switch off facility for domestic and international card transactions is available to customers which has helped customers exercise greater control over their cards. Introduction of a similar facility for all digital payment modes shall be explored. This facility would help bolster consumer confidence and contribute towards controlling frauds in digital payment transactions.


To foster competition, spur innovation, and strengthen resilience, building an open and interoperable card ecosystem shall be explored. The initiative is envisaged to empower cardholders and merchants with choice, introduce secure and smart tokenisation and orchestration, and facilitate transparent pricing that advances customer protection.

RBI shall envision a cross-border payments framework that is efficient, transparent, resilient, and accessible to a broader range of participants. In pursuit of this, RBI shall undertake a comprehensive review of the existing cross-border payments ecosystem to identify frictions from regulatory, operational, and technological perspective

The RBI also said that it shall publish Reports on Cross-Border Payments to present a comprehensive analysis of cross-border payments in India covering key metrics such as volumes, transaction costs, transparency, speed of transactions, performance of various channels and corridors, etc. The reports shall track global developments related to legal, regulatory, technological, and process advancements in cross-border payments. Benchmarking India’s progress against global trends, the reports shall also identify areas for improvement and evaluate the implications of international developments on the domestic payment system.