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RBI envisions fourfold growth in digital transactions by 2021

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2 min read
  1. The Reserve Bank of India (RBI) has released its document on ‘Payment and Settlement Systems in India: Vision 2019–2021’.
  2. The document with its core theme of ‘Empowering Exceptional E-payment Experience’ envisages to achieve a highly digital and cash-lite society through the goal posts of competition, cost effectiveness, convenience and confidence(4Cs).
  3. This document expects the number of digital transactions to increase more than four times from 20.69 billion in December 2018 to 87.07 billion in December 2021.
  4. Further,the RBI also expects accelerated growth in individual retail electronic payment systems both in terms of number of transactions and increased availability.
  5. The document also talks about creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers.The ‘no-compromise’ approach towards safety and security of payment systems remains a hallmark of the vision.
  6. The approach of the RBI will continue to be of minimal intervention in the pricing of charges to customers for digital payments.Interestingly,no specific target has been considered for reducing cash in circulation.
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