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Payments Vision 2028

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 bearing the liability
  • Review of design and security features of cheques
  • Introduction of Cyber Key Risk Indicators (KRI) framework for non-bank Payment System Operators
Cross-border payments
  • Review of cross-border payments framework
  • Publishing dedicated reports on cross-border payments, analysing domestic trends, global developments, and strategic implications for India’s payment ecosystem
Ease of doing business and convenience
  • Streamlining regulatory process for cross-border payment authorisation under the Payment and Settlement Systems (PSS) Act, 2007 and Foreign Exchange Management Act (FEMA), 1999
  • Recognising Small Payment System Providers (SPSP) under a perpetual regulatory sandbox structure
  • Providing flexibility to customers to switch among payment service providers seamlessly through implementation of Payments Switching Service (PaSS)
Research
  • Dedicated research and training capacity
  • Enhanced access to domestic and cross-border payments data
Systemic stability and integrity
  • Entities deemed to be playing a critical role in facilitating digital payments to be brought within the regulatory fold
  • Introduction of uniform Domestic Legal Entity Identifier (DLEI)
Innovation
  • Introduction of electronic cheques

Key milestones of previous Payments Visions

Payments Vision Key milestones
Payments Vision 2001-2004
  • Launch of Real-Time Gross Settlement (RTGS) system in 2004
  • Expansion of Electronic Clearing Services (ECS)
  • Early development of Cheque Truncation System (CTS)
Payments Vision 2005-2008
  • Creation of Department of Payment and Settlement Systems (DPSS) within the RBI in 2005
  • PSS Act, 2007 and the PSS Regulations, 2008
  • Establishment of National Payments Corporation of India (NPCI) in 2008
Payments Vision 2009-2012
  • NEFT and RTGS systems expanded
Payments Vision 2012-2015
  • Licensing and expansion of Prepaid Payment Instruments (PPIs)
  • Groundwork for TReDS, Bharat Bill Payment System (BBPS), and acceleration of Aadhaar Enabled Payment Systems (AePS)
Payments Vision 2016-2018
  • Launch of Unified Payments Interface (UPI)
Payments Vision 2019-2021
  • Theme – Empowering Exceptional (E)-payment Experience
  • Vision – Empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable
  • Four goal-posts (4 Cs) – competition, cost, convenience and confidence
  • Specific action points – 36 
  • Expected outcomes – 12
Payments Vision 2025
  • Theme – E-Payments for Everyone, Everywhere, Every time (4Es)
  • Vision – Provide every user with Safe, Secure, Fast, Convenient, Accessible, and Affordable e-payment options (6 attributes)
  • 5 goalposts – Integrity, Inclusion, Innovation, Institutionalisation, and Internationalisation
  • Specific initiatives – 47
  • Expected outcomes – 10
  • Alternative authentication framework, Master Direction on Payment Aggregators, near real-time CTS, etc., were the key outcomes


References

Reserve Bank of India. (2019, May 15). 'Payment and Settlement Systems in India: Vision – 2019-2021'. Retrieved from https://www.rbi.org.in/Scripts/PublicationVisionDocuments.aspx?Id=921

Reserve Bank of India. (2022, June 17). 'Payments Vision 2025'. Retrieved from https://www.rbi.org.in/Scripts/PublicationVisionDocuments.aspx?Id=1202

Reserve Bank of India. (2022, June 17). 'Payments Vision 2025'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53886

Reserve Bank of India. (2026, March 27). 'Payments Vision 2028'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=62455

Reserve Bank of India. (2026, March 27). 'Payments Vision 2028’. Retrieved from https://www.rbi.org.in/Scripts/PublicationVisionDocuments.aspx?Id=1318


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