In an effort to provide a safe and secure e-payment option, RBI has launched ________

The correct answer is Vision 2021.

Key Points

• Vision 2021:
  • The Reserve Bank of India (RBI) has released ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, a vision document for a safe, secure, quick, and affordable e-payment system.

  • The core theme of the vision document is ‘Empowering Exceptional (E)payment Experience’, which stresses empowering every Indian to access a bunch of e-payment options safely and conveniently. Hence, Option 3 is correct.

  • The main agenda of the vision document is the ‘no-compromise approach towards safety and security of payment systems.
  • Vision 2021 outlined the measures that the central bank will undertake to foster innovation, cybersecurity, financial inclusion, customer protection, and competition.

  • The vision document aims to achieve a ‘highly digital and cash-lite society through Goal Posts (4Cs): 

    Competition, Cost-effectiveness, Convenience, and Confidence.

  • Key focus areas:
    • Boosting customer experience with robust grievance redressal
    • Empowering e-payment service providers
    • Enabling eco-system and infrastructure for the e-payment system
    • Putting down forward-looking regulations
    • Undertaking Risk-focused Supervision

Additional Information

• The Reserve Bank of India:
  • It was established on April 1, 1935, under the provisions of the Reserve Bank of India Act, 1934.
  • The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
  • The Central Office is where the Governor sits and where policies are formulated.
  • Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
  • The current Governor of RBI is Sanjay Malhotra.

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