As cash fades, RBI eyes Aadhar, mobile banking payment modes

By: | Updated: June 24, 2016 7:15 AM

The Reserve Bank of India (RBI) on Thursday released the vision statement in regard to payment and settlement systems, reports fe Bureau in Mumbai

debt laden firms, RBI, RBI restructuring rulesThe RBI is also looking forward to review various guidelines on prepaid payment instruments, mobile banking, and white label ATMs. (Reuters)

The Reserve Bank of India (RBI) on Thursday released the vision statement in regard to payment and settlement systems, reports fe Bureau in Mumbai. In its expectations in the Vision-2018 statement, the central bank indicates a continued decrease in the share of paper-based clearing instruments, consistent growth in individual segments of retail electronic payment systems such as NEFT, IMPS, card transactions, mobile banking, etc. It also anticipates an increase in registered customer base for mobile banking and increased use of Aadhaar in payment systems. The RBI is also looking forward to review various guidelines on prepaid payment instruments, mobile banking, and white label ATMs. “To promote mobile phones as access channel to payment and banking services, the guidelines will be reviewed to address issues related to customer registration for mobile banking, safety and security of transactions, risk mitigation and customer grievance redressal measures,” the RBI said.

RESPONSIVE REGULATION
Orienting policy with emerging developments and innovations
Framing new policy : policy framework for central counter party (CCP); exit policy for authorised entities; framework for imposition of penalty
Review of existing policies / guidelines in following areas: Prepaid payment instruments; mobile banking; white label ATMs
Setting up Payments System Advisory Council of industry
Improved governance of payment system operator
Resolution of CCP/financial market infrastructure
Strengthen financial stability
Encouraging adoption of legal entity identifier (LEI) by financial entities
Settlement of funds leg of financial transactions in central bank money

ROBUST INFRASTRUCTURE
Facilitating faster payment services
NEFT: More frequent settlement cycles and exploring feasibility of ISO messaging format
Mobile banking: Enabling wider access to mobile banking services
Encouraging payment solutions via mobiles Improving accessibility
Increasing acceptance infrastructure
Implementation of Bharat Bill Payment System Promoting interoperability
Unified payment interface
Toll collection Enhancing safety and security
Migration to EMV chip & PIN cards
EMV card processing at ATM based on chip data Cheque clearing systems
Promoting use of positive pay mechanism
Encouraging complete migration of cheques to CTS-2010 standards

EFFECTIVE SUPERVISION
Assessment of resilience of payment and settlement infrastructure including FMIs and System-Wide Important Payment Systems
Draft framework for testing resilience
Resilience of communication / messaging infrastructure
Resilience of IT systems of PSOs Design an Oversight framework
On the basis of proportionality of risk posed by PSOs
For large-value payment systems, retail payment systems, BBPS and TReDS Strengthening reporting framework
Move the reporting of periodic returns by payment systems operators to XBRL platform
Draw a framework for collection of data on frauds in payment systems

CUSTOMER CENTRICITY
Strengthening customer grievance redressal mechanism
Frame guidelines to ensure enhanced customer grievance redressal mechanism in payment systems
Require payment systems operators to adequately train front-office staff and agents Enhancing customer education and awareness
Electronic Banking Awareness And Training
Framework requiring PSOs to disclose fees and terms and conditions of their service

Customer interest
Encourage PSOs to develop robust fraud and risk monitoring systems n To build a framework to limit customer liability for unauthorised electronic transactions
Positive confirmation
Incorporate the feature of sending positive confirmation of payment to the remitter in the RTGS system

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition