Which is the RBI's vision document titled 'Payment And Settlement Systems In India'.

Correct option is A

​The correct answer is (a) Vision 2019-2021

Explanation:

The Reserve Bank of India (RBI) introduced the "Payment and Settlement Systems in India: Vision 2019-2021" document to outline its strategy for promoting safe, secure, and efficient payment systems in India. This vision document focused on increasing digital transactions and financial inclusion.

Key objectives of Vision 2019-2021:

• Enhancing the digital payments ecosystem to reduce cash dependency.
• Strengthening cybersecurity to prevent fraud and financial crimes.
• Promoting innovation in payment systems like UPI, IMPS, and digital wallets.
• Financial inclusion through digital banking solutions in rural areas.

This vision aimed at making India a cash-lite economy, boosting real-time digital transactions, and ensuring secure and user-friendly payment methods.

Information Booster

Evolution of Payment Systems in India

• Paper-based Transactions (Pre-2000) – Traditional banking with cheques and demand drafts.
• Electronic Payments (2000-2010) – Introduction of RTGS, NEFT, and debit/credit cards.
• Mobile and Digital Banking (2010-2020) – UPI, IMPS, and mobile wallets became popular.
• Advanced Digital Payments (2020-present) – Contactless payments, QR codes, and 24x7 digital transactions.

Major Initiatives Under Vision 2019-2021

• Growth of UPI and IMPS – Encouraged real-time, secure fund transfers.
• Expansion of Digital Payment Acceptance – QR code-based payments made widely available.
• 24x7 NEFT and RTGS Availability – Enabled faster banking transactions.
• Fraud Prevention Measures – Strengthened cybersecurity to reduce financial frauds.