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ARTICLE

currency will be studied and a mechanism will be developed
so that the CBDC will be used as cross border payment and
settlements

Expected outcome of "RBI Payment

Vision 2025"
Various initiatives proposed under the above five goalposts
shall have the following ten expected outcomes during the
Vision period:
i. Volume of cheque-based payments to be less than
0.25% of the total retail payments
ii. More than 3x increase in number of digital payment
transactions
iii. UPI to register average annualised growth of 50% and
IMPS / NEFT at 20%
foreign currency account with other central banks for
facililitating direct remittances in foreign currencies. This will iv. Increase of payment transaction turnover vis-à-vis GDP
help to increase the acceptance of INR and it will make to 8
cross-border transaction easier. v. Increase in debit card transactions at PoS by 20%
vi. Debit card usage to surpass credit cards in terms of
Like indo-Nepal remittance facility scheme using the NEFT
value
system, the scope of such remittances to some more
vii. Increase in PPI transactions by 150%
countries shall be emphasized for cross border transfers
with some additional features depending upon the bilateral viii. Card acceptance infrastructure to increase to 250 lakh
agreements between the central bank of other country and ix. Increase of registered customer base for mobile based
other feasibilities. transactions by 50% CAGR

x. Reduction in Cash in Circulation (CIC) as a percentage
To search the feasibility of providing membership/technology
of GDP.
of INFINET to other jurisdictions shall also be explored. The
INFINET ( Indian financial network ) is a closed user group
network that comprises of RBI, member bank and financial Conclusion:
institution. It provides financial messaging services through After studying the above five goalpost of RBI's Vision 2025
its member interface application to all RTGS Participants. documents we can easily conclude that the Vision document
is a futuristic roadmap of Indian payment and settlement
For the safety measures all cross border transaction with system with the aim to provide safety security and hassle
the cards issued in India, Additional factor authentication free payment settlement in India. It is also a process of a
shall be implemented for giving confidence to the users of continuous improvement of Indian payment system to make
digital payments. In India Clearing corporation of India it a globally accepted payment system in Indian currencies
playing the role of aggregator which participate in CLS as and also in foreign major traded currencies. It has a vision
third party member. RBI shall initiate a dialogue to include to take Indian payment system at global outreach with
INR as a currency of trading through CLS Bank for increasing its proved record of efficiency, accuracy and integrity.
the acceptance of INR in Global market. The thought process imbibed in the Vision document after
proper implementation and monitoring will take the
The reserve bank of India is also planning to introduce the customer in the new era of payment and settlement
digital currency in the Indian markets. Cases of the digital experience.

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