Page 38 - BANKING FINANCE APRIL 2024

ARTICLE

Through RBI's electronic-Banking Awareness and Training will also be reviewed and payment mechanism will be made
(eBAAT) the RBI is actively taking initiatives for customer more secure smooth and hassle free. Buy Now and Pay Later
awareness. The stretch of E-BAAT will be explored to all is developing as the new mode of payment this new method
traditional channels at branch level and also at social media. of payment shall be examined and appropriate guidelines
The public awareness through RBI Says tag will also be on payment involving BNPL shall be explored.
widened and the outcomes will be measured through a
periodic customer surveys. D. INSTITUTIONALISATION:
The payment and settlement act was passed in 2007
RBI is very particular about the providing the digital considering the very dynamic payment and settlement
payment facilities to different strata of the society including ecosystem and fast changing customer behaviour the RBI
differently abled persons. To provide digital experience to shall attempt for continuous review of PSS act and
the differently abled persons the RBI shall examine the corresponding regulations. To assist the BPSS(Board for
feasibility of implementing suitable policy including text to Regulation and Supervision of Payment and Settlement
voice facility like features in digital payment option. Systems) a PAC (Payment advisory council)will be
constituted. The composition of the PAC will be reviewed
Availing digital payment services may carry certain cost periodically.
which may be borne by either the parties involved in
payment and settlement. To make the costing of payment Reserve bank of India being a central bank is also a member
more transparent a comprehensive review of all aspect of various International standard setting bodies. Focusing on
related to charges involved in various channels of digital the G-20 summit in 2023 in New delhi RBI will constitute
payments shall be undertaken. various committee and task forces to enhance the payment
ecosystem across the globe. The RBI is aiming to play a
One more step towards the inclusion part the RBI shall leadership role in the development of payment ecosystem
coordinate with central government and state government actively participated in G-20 summit 2023 in New Delhi.
to integrate their payment system with RBI's E-Kuber.
E. INTERNATIONALISATION:
C. INNOVATION :
The RBI is planning for global outreach of RTGS, NEFT, UPI
Innovation in payment system is very important to be and Rupey Card after collaboration of relevant stake holders
relevant and to show global presence. On technology front like central bank , world bank etc. The feasibility of expanding
internet of things devices are instrumental in the growth of RTGS to settle transaction in major trade currencies will also
digital payment. The payment service through the be explored. RBI shall examine the opportunity to maintain
connected devices beyond just phone or tablets will be
provided taking into account of data security, authentication
identity validation etc. The Payment system operators
across the world trying to implement ISO 20022 standard
in context to India all step to be taken by the RBI to migrate
all payment system to ISO 20022 standards.

Usage of UPI transaction is very impressive in digital
payments. UPI customers can only connect bank accounts
like saving and current an attempt will be made to add credit
card also to the fild of UPI transaction as per the RBI Vision
2025 document. As per the plan national and international
payment hackathons, competition etc. to boost innovation
and exchange of ideas will take place. Not only this but at
the time of RTGS/NEFT transaction the usage of IFSC code

34 | 2024 | APRIL | BANKING FINANCE