Sign In
Learn bits
Economy
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

    More Related Current Affairs View All

    05 Mar

    First-ever comprehensive survey of India’s river dolphins

    'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

    Read More

    05 Mar

    Arresting women at night

    'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

    Read More

    05 Mar

    Digital Personal Data Protection Act, 2023

    'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

    Read More

    India’s First Ai-Driven Magazine Generator

    Generate Your Custom Current Affairs Magazine using our AI in just 3 steps