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Mahesh

19/06/22 18:28 PM IST

RBI to bring out Payment System Vision Document 2025

In News 
  • The Reserve Bank of India (RBI) will come out with its Payment System Vision 2025 Document this fiscal that would aim to further develop the digital payments landscape.
Vision Document 2025
  • As part of its Vision 2025, the RBI will attempt
  • regulation of big tech and fintech in the payments space
  • explore guidelines on payments that involve BNPL(buy now pay later) services
  • work towards the introduction of CBDC (central bank digital currency)
  • seek inclusion of rupee in continuous linked settlement (CLS) (CLS provides protection for cross-currency settlement in 18 currencies)
Need of regulation 
  • Big Tech’s play in lending activities using customer data and sophisticated algorithms can lead to “systemic concerns” like over-leverage and inadequate quality assessment of borrowers.
  • The entry of firms like Google, Amazon and Meta, which are referred to as Big Tech, also poses concerns related to competition, data sharing, data protection and operational resilience of critical services in situations where banks and NBFCs utilise their services.
  • Also, risks relating to cybersecurity, software development limitations in transaction capacity, the privacy of customer data and data security.
Source- Business line

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