RBI releases framework for Payment and Settlement Systems

RBI has released the framework for payment and settlement systems in India. The regulatory framework, based on a consultative approach, aims to achieve enhanced coverage of payment systems coupled with convenience for end-users. A key objective of the framework is to ensure the setting up of robust payments infrastructure in the country to increase accessibility, availability, interoperability and security. Further, streamlining customer grievance redressal mechanisms and building customer awareness is also on the agenda. The framework also details various initiatives that will be taken to promote responsive regulation, set up robust infrastructure, ensure effective supervision and enhance consumer-centricity.

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