Payment Systems & Financial Inclusion : Recent Trends , Challenges & Emerging Issues

Payment Systems & Financial Inclusion :
Recent Trends , Challenges & Emerging
Issues

Harun R Khan
Deputy Governor
Reserve Bank of India

November 25, 2012
Pune
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Role of Payment Systems in FI
 Simplistic definition
 the way we make and receive payments using different payment instruments
 Payment systems act as a catalyst in financial inclusion
 Enabling payment systems to provide safe, efficient, affordable, easily accessible and technologically robust payment services to the unbanked
 Stepping stone for other bouquet of financial services, such as, savings, credit, remittance and insurance possible by creating enabling features.

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Payment Systems in India:
Vision 2012-15

To proactively encourage electronic payment systems for ushering in a less-cash society in India and to ensure payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards.

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Payment Systems in India:
Vision 2012-15
RBI’s renewed commitment towards providing:
 A safe, efficient, accessible, inclusive, interoperable and authorised payment and settlement systems for the country.

 A payment systems to be driven by customer demands of convenience ease of use and access
 Convergence