The initiative is aimed at bolstering consumer confidence in digital payment methods.
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AMIT DAVE
The vision lays out a roadmap for the evolution of India’s payments ecosystem over the next three years. It consists of 15 specific initiatives, which focus on user empowerment, strengthening safeguards against fraud, enhancing efficiency of cross-border payment frameworks and promoting ease of doing business, among others.
The Central bank plans to extend the switch-on and switch-off facility for domestic and international card transactions, currently available to customers and help them exercise greater control over their cards, to all digital payment modes.
This facility would help bolster consumer confidence and contribute towards controlling frauds in digital payment transactions, per the Vision document.
PaSS
To address the challenges faced by customers in managing their payment instructions in case of switching banks , merger of banks, etc., RBI will examine the feasibility of implementing a ‘Payments Switching Service’.
This centralised service would facilitate migration of payment instructions, both incoming and outgoing, from one account to another.
Customers will be able to view all payment flows linked to their accounts and initiate either a full or partial switch with appropriate authorisation.
RBI said the objective is to provide customers with centralised control over their payment instructions, facilitate orderly transitions during systemic changes like bank mergers, and foster healthy competition and service excellence among financial institutions.
Shared responsibility framework
RBI will explore introducing a shared responsibility framework under which both the customer’s bank (issuer) and the beneficiary’s bank jointly bear the liability arising from unauthorised digital payment transactions.
This approach would incentivise both parties to implement robust fraud detection and prevention measures, and strengthen coordination for timely intervention, per the document.
The existing Limiting Liability Framework for safeguarding customers from payment frauds places responsibility and liability exclusively on the issuer.
TreDS
To create a more integrated, efficient, and accessible receivables discounting ecosystem for MSMEs, the RBI is likely to introduce full interoperability across Trade Receivables Discounting System (TReDS) platforms to harness efficiencies, competitive spirits, and avoid duplication of efforts; factoring with recourse; and trade receivables discounting of export MSMEs.
Electronic cheques
The Central bank intends to undertake a comprehensive review of the design and security features of cheques to enhance uniformity, strengthen fraud prevention, and ensure alignment with emerging processes. The review will identify and adopt best practices, making them applicable across all cheque instruments.
Further, cheques offer some unique benefits over other payment methods. To leverage the unique benefits of paper-based instruments and the speed and reliability of electronic payments, and cater to new business use cases, introduction of electronic cheques in India shall be explored.
Published on March 27, 2026