Reserve Bank of India (RBI) is trying really hard to
streamline the payment system of India. This is more so regarding the
online payment system that needs urgent reforms in India. For
instance, RBI has issued guidelines pertaining to national
electronic funds transfer (NEFT) system of India but banks
in India are not providing positive confirmations of NEFT
transactions.
Similarly Internet
banking guidelines in India by RBI have also been issued.
However, by and large, cyber
security for banking industry of India is not taken
seriously in India. Even RBI
has warned Indian banks for inadequate cyber security
adoption.
Another area that requires urgent attention pertains
to mobile banking security. Mobile
banking cyber security in India is still an ignored world.
In such circumstances adoption of mobile banking in India is a risky
policy decision.
Recently, a report
of RBI working group on securing card present transaction
was also released. Now RBI has released
the draft Payment System Vision Document 2012-15 for public
consultation. Comments can be sent by email by 31 July, 2012.
The Payments System Vision Document 2012-15
envisages by ways and means of ensuring that “payment and
settlement systems in the country are safe, efficient, interoperable,
authorised, accessible, inclusive and compliant with international
standards”. Accordingly, it proposes to “proactively encourage
electronic payment systems for ushering in a less-cash society in
India” as its Vision.
The Reserve Bank had earlier published a Vision
Document outlining the course of action that would be undertaken in
the field of payment and settlement systems over a three year period.
The tasks laid out in the above document have been completed to a
large extent. The new Vision Document intends to take the Mission
further to meet the growing payment needs of the nation.
