The Reserve Bank of India (RBI) announced its ‘Payments Vision 2028’, outlining a roadmap to strengthen and expand India’s rapidly growing digital payments ecosystem.
Anchored in the theme, ‘Shaping India’s Payment Frontier’, the Vision document focuses on user empowerment, safeguards against fraud, improving the efficiency of cross-border payment frameworks, and promoting ease of doing business. Through its various initiatives, the Vision Document charts a course of action up to December 2028.
Among key initiatives, the RBI has proposed developing an interoperability framework for Trade Receivables Discounting Systems (TReDS) to create a more integrated and efficient receivables financing ecosystem. It also plans to explore a “switch on/off” facility across all digital payment modes, similar to card controls, to help users manage transactions and reduce fraud risks.
The central bank will review the cross-border payments ecosystem to enhance efficiency and streamline authorisation under the Payment and Settlement Systems (PSS) Act, 2007 and the Foreign Exchange Management Act (FEMA), 1999. A shared responsibility framework between issuing and beneficiary banks is also under consideration to address unauthorised digital transactions.
