Comments
The Reserve Bank of India’s payment system vision document has suggested drawing up strategy for disincentivising usage of cheques above a certain threshold limit by customers and corporates.
The document (2012-15) said the payment system’s policy disposition will continue to be biased towards electronic payments and products in terms of a more efficient clearing and settlement cycle as compared to that of the paper-based instruments.
White label POS
Like white label ATMs, the feasibility of introducing white label Point of Sale terminals would be examined.
The RBI said the domestic money transfer guidelines would be reviewed. The role of non-bank payment system operators in facilitating domestic remittances would be further fine-tuned.
NEFT & NECS
The scope of National Electronic Funds Transfer in terms of access to non-bank authorised payment system operators who achieve a critical mass in terms of the volume and value of transactions being handled through a Sponsor Bank arrangement would also be examined, said the document.
Currently, there are many avatars of Electronic Clearing Service (ECS) operating in the country with the service on a standalone mode available in 81 centres. The way forward would be to consolidate local ECS and Retail ECS into National ECS.
Efforts would be made to rationalise and strengthen the mandate management systems.
An electronic instrument for effecting credit transfer by the payor from any branch of a bank or from any other authorised non-bank would also be explored.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.