Time literally flies, it seems just like yesterday, that RBI had released the Payment System Vision 2009-12. And, today, Reserve Bank of India, placed on its website, the draft Payment System Vision Document 2012-15 for public consultation.
RBI welcomes your comments @ firstname.lastname@example.org
The draft is volumnious and the Vision Statement for 2012-15 is to “proactively encourage electronic payment systems for ushering in a less-cash society in India” as its Vision.
Please note the vision for a less-cash society and not cash-less society, which other regulators are aiming at. In the Indian context, the less-cash society is preferable over a cash-less society.
The two top most ideas which excite me the most are
Electronic GIRO system
An alternate Message network, in case the primary message network fails/has operational issues. The importance of an alternate message network was acutely felt, when there were operational issues in NEFT on 5th and 6th June, 2012
Trust their will be a deluge of comments to RBI, and the best will be part of the final Vision Report.