Reserve Bank of India (RBI) has released the Payments Vision 2028. Payments Vision RBI has been publishing Payments Vision documents since 2001. These documents provide a strategic direction for development of the payment and settlement systems in India. The previous vision document covered the period up to 2025. Payments Vision 2028 Duration – up to December 2028 Theme – Shaping India’s Payment Frontier Focus Areas – User empowerment Safeguards against fraud Efficiency of cross-border payment frameworks Promoting ease of doing business Consists of 15 specific initiatives to be taken up – Specific initiatives Inclusivity and resilience Framework for interoperability in Trade Receivables Discounting System (TReDS) Safety in digital payments Enabling or disabling transactions across digital payment modes via issuer channels Shared responsibility framework with both the customer’s bank (issuer) and the beneficiary’s bank jointly be...
Reserve Bank of India (RBI) had issued the directions on treatment of wilful defaulters and large defaulters. To whom shall the directions be applicable? The directions shall be applicable to the following Regulated Entities (REs) – Commercial Banks Small Finance Banks (SFBs) Local Area Banks (LABs) Regional Rural Banks (RRBs) Primary (Urban) Co-operative Banks (UCBs) Rural Co-operative Banks – State Co-operative Banks (StCBs) Central Co-operative Banks (CCBs) All India Financial Institutions (AIFIs) regulated by RBI – Export Import Bank of India (EXIM Bank) National Bank for Agriculture and Rural Development (NABARD) National Housing Bank (NHB) Small Industries Development Bank of India (SIDBI) National Bank for Financing Infrastructure and Development (NaBFID) Non-Banking Financial Companies (NBFCs) categorized as Middle Layer and above layers – Deposit taking NBFC (NBFC-D) NBFC-Investment and Credit Companies (NBFC-ICC) NBFC-Factor NBFC-Micro Finance Institutions (NBFC-MF...