Paper use, acceptance infrastructure need attention, says RBI report

The report said that the relatively high level of cash in circulation offers scope for a higher level of digitisation of payments

The Reserve Bank of India (RBI) on Tuesday released a report on Benchmarking India’s Payments Systems, which provides a comparative position of the payments ecosystem in India relative to comparable payments systems and usage trends in other major economies.

The study found that India has a strong regulatory system and robust large value and retail payments structure, which have contributed to the rapid growth in the volume of transactions. There has been substantial growth in e-payments by the Centre and in digital infrastructure, in terms of mobile networks.

The report, however, notes that India is required to take further efforts