Central Banking

RBI may force move to electronic payments


The Reserve Bank of India (RBI) laid bare plans to usher in a "less-cash society" in its Vision for payment systems 2012-2015, released on October 1.

The central bank is targeting an interoperable, inclusive payments system driven by customers' demands for ease of access but regulation can be used to encourage the required innovation and competition, the RBI said.

"Embracing new technology and innovation to unveil a bouquet of simple, low-cost, easy-to-use modern payment products and services

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