RBI to launch retail payment services

RBI is set to launch retail payment service of Indo- Nepal remittances

"Electronisation of payment is necessary. After Indo Nepal we plan to take the National EFT to other SAARC countries so that one can access money in no time," said RB Barman, RBI executive director.

Next meeting of the SAARC payment council is to be held in Hyderabad to discuss on similar lines.

 

It will lead to overall proliferation of payment in all the SAARC countries.

"We have to make the pay system more robust and introduce and encourage more usage payment through mobile and internet, said the executive director on the sidelines of an interactive session on driving value creation through ICT, organised by the Bengal Chamber of Commerce & Industry on Saturday.

He also stressed on the usage of debit card as it reduces both cost and risk.

Electronic transaction also has to be improved and currently 25 per cent of the present transaction in business is electronic and it is growing at a rate of 40-50 per cent.

Accordingly the central bank  is contemplating to start the India pay card/ smart card to increase the penetration of cards in the country.
The RBI executive director also added, "We are looking to have asmart card system in the same lines as China in India soon."

To increase the penetration of cards in India a body