RBI's vision 2021 looks at a 'cash-lite' society, cyber security, and more

Highlights need for a self-regulatory organisation in the digital payment space

The Reserve Bank of India (RBI) on Wednesday released its statement on ‘Payment and Settlement Systems in India: Vision 2019–2021’, which outlined the measures that the central bank will undertake to foster innovation, cybersecurity, financial inclusion, customer protection, and competition.

The Payment Systems Vision 2021 envisages achieving a ‘highly digital’ and ‘cash-lite’ society through the goalposts of competition, cost-effectiveness, convenience, and confidence, said the RBI.  

Based on inputs from various stakeholders and guidance of the Board for Regulation and Supervision of Payment and Settlement Systems, the report consists of 36 specific action points with 12 specific outcomes.

The RBI has highlighted the need