RBI slams banks for not cutting lending rates, chasing profitability

By: | Published: August 30, 2016 6:15 AM

The Reserve Bank of India (RBI) on Monday said the volume of retail electronic payments almost doubled in FY16, while card payments grew about 56% in the same period – underlining the regulator's focus on migrating to a “less-cash” society.

In volume terms, the share of electronic transactions in total transactions moved up to 84.4% at March end from 74.6% in the previous year, the RBI's FY16 annual report said. (Reuters)In volume terms, the share of electronic transactions in total transactions moved up to 84.4% at March end from 74.6% in the previous year, the RBI’s FY16 annual report said. (Reuters)

The Reserve Bank of India (RBI) on Monday said the volume of retail electronic payments almost doubled in FY16, while card payments grew about 56% in the same period – underlining the regulator’s focus on migrating to a “less-cash” society.

In volume terms, the share of electronic transactions in total transactions moved up to 84.4% at March end from 74.6% in the previous year, the RBI’s FY16 annual report said.

Retail electronic clearing, which includes channels such as NEFT and IMPS, grew about 86% to 3,141.6 million transactions.

In June, the RBI had set up a vision for 2018 for payment and settlement systems that saw greater use of electronic payments by all sections of the society.

The idea was to facilitate a payment system that promoted safety, security and reach with technological solutions that allow faster processing. The regulator’s efforts toward making technological progress in this area resulted in the recent launch of the Unified Payment Interface.

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