Central Banking

India needs new payments ‘vision’ – Kanungo

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India needs to take action to improve its payment systems, eliminating weaker firms and encouraging innovation, Reserve Bank of India deputy governor BP Kanungo said on May 30.

Indian payments are among the “best in the world”, the deputy told an audience at a payments award ceremony in Mumbai. But he said there had been a proliferation of payments firms, some of which have “outlived [their] utility”.

The RBI has begun work on its next “vision document” for payments reform in the years ahead.

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