E-payments panel submits report to RBI

The Reserve Bank of India(RBI) appointed a committee,  headed by Nandan Nilekani has submitted its suggestions on promoting digital payments to RBI Governor. RBI had set up the five-member panel on deepening digital payments with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation. The panel was tasked with reviewing the… Continue reading E-payments panel submits report to RBI

RBI to bank on data analytics for timely fraud detection

The Reserve Bank of India(RBI) has decided to encourage the use of data analytics to timely detect frauds and take recovery actions such as blocking irregular transactions before payment authorisation. This move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space. The RBI has also proposed to make India a… Continue reading RBI to bank on data analytics for timely fraud detection

RBI envisions fourfold growth in digital transactions by 2021

The Reserve Bank of India (RBI) has released its document on ‘Payment and Settlement Systems in India: Vision 2019–2021’. The document with its core theme of ‘Empowering Exceptional E-payment Experience’ envisages to achieve a highly digital and cash-lite society through the goal posts of competition, cost effectiveness, convenience and confidence(4Cs). This document expects the number… Continue reading RBI envisions fourfold growth in digital transactions by 2021