Draft Payment System Vision Document 2012-15 for India – open for public comments. Do you like to add your views?

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 @ vision2015dpss@rbi.org.in

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

  1. Electronic GIRO system

  2. 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.

One thought on “Draft Payment System Vision Document 2012-15 for India – open for public comments. Do you like to add your views?”

  1. Dear All, and tier
    Let us have a pragmatic approach over visions and the function of existing systems in financial sector in our country.
    The vision may be practical in Tier i and tier ii areas. How far it is feasible to implement the vision in tier iii and tier iv areas.
    Let the RBI teams visit the semi urban and rural areas and observe the usage of the electronic payment
    tools like debit cards and credit cards and the least importance the public feels about the safety and risk and integrity for usage of such tools.
    The cards and their pins for safe usage have no relevance in semi urban and rural areas.
    There are so many white collar crimes which were not brought to the notice of outsiders and law enforcing agencies due to the misuse of pins.
    No body is there to monitor such crimes and the role of banks were limited only to complaints.
    How far the Governments are succeeded in not passing the merchant discount rate on customer by merchants in retail sector.
    Did RBI is able to monitor the technical capabilities of the NPCL and it.s service providers for smooth and quick of settlement of funds between the banks and the cost of funds involved ?
    Did RBI have any knowledge and control on the standards of Manpower and HRD policies of the Banks for manning the electronic payment system operations?
    Let RBI first initiate an effective system to screen the competence of the service providers who are providing software support to banks and their service history from the last two decades.
    Let us hope that the purpose of the vision will become a good reality over the existing standards of the electronic payment system ti usher in to a LESS CASH SOCIETY.

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