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Informist, Friday, Mar. 27, 2026

 

--RBI releases Payments Vision 2028 

--RBI: Payments Vision 2028 focuses on strengthening fraud safeguards 

--RBI: Payments Vision 2028 focuses on cross-border payment efficiency 

--RBI: To take up 15 initiatives over next 3 yrs under Payments Vision 2028

 

NEW DELHI – The Reserve Bank of India Friday released the Payments Vision 2028, which envisages reviewing cross-border payments ecosystem, an interoperable card ecosystem, and bringing more entities into the regulatory ambit.

 

"RBI has been periodically preparing Payments Vision since 2001. This includes providing strategic direction for structured development of the payment and settlement systems in India," the central bank said. "It (Payments Vision 2028) consists of 15 specific initiatives which are to be taken up during the course of next three years.

 

Broadly, the RBI's vision document focuses on strengthening safeguards against fraud, enhancing efficiency of cross-border payment frameworks, and promoting ease of doing business, the central bank said. 

 

The central bank will review the cross-border payments ecosystem with the objective of creating a cross-border payments framework that is efficient, transparent, resilient, and accessible. The RBI will identify frictions from regulatory, operational, and technological perspective in the cross-border payments ecosystem, it said in a release.

 

The RBI will introduce a facility to enable and disable transactions on any digital payment mode through issuer channels as is already available for domestic and international card transactions. "This facility would help bolster consumer confidence and contribute towards controlling frauds in digital payment transactions," the central bank said. 

 

The RBI will explore building an open and interoperable card ecosystem to foster competition, spur innovation, and strengthen resilience.  

 

The RBI will examine the rapid developments in payments space, which have led to several entities playing a critical role and extend the scope of direct regulations for such firms, if needed. "On similar lines, the case for introducing white label solutions in Aadhaar Enabled Payment System (AePS) and bringing such assisted payment providers within the regulatory fold would be explored," the RBI said. 

 

The central bank will explore the feasibility of implementing a Payments Switching Service to facilitate migration of payment instructions from one account to another. This will allow customers to change their bank accounts with minimal friction, the RBI said. It will also review the design and security features of cheques and explore introduction of electronic cheques.

 

The RBI will look to facilitate enhanced access to payments data, develop payments research and training Capacity, and publish reports on cross-border payments.  End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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