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Vision 2021 Payment and Settlement System:
The Vision 2021 payment and settlement system in India is built on the core theme of Empowering Exceptional (E) Payment Experience. It seeks to empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable
- enhancing the experience of Customers;
- empowering payment System Operators and Service Providers;
- enabling the Eco-system and Infrastructure;
- putting in place a Forward-looking Regulation;
- supported by a Risk-focussed Supervision
Vision 2021 concentrates on a two-pronged approach of
- exceptional customer experience;
- enabling an eco-system which will result in this customer experience
The Vision envisages four goal-posts (4 Cs) –
- Competition: For enhancement of Competition in the payment systems landscape, specific thrust areas like creating regulatory sandbox, authorising new players, etc., have been incorporated
- Cost: this along with the presence of multiple players in the market is expected to achieve optimal Cost for the customers
- Convenience: freer access with availability of multiple payment system options anytime-anywhere should cater to the requirement of Convenience
- Confidence: the ‘no-compromise’ approach towards safety of payment systems should address security vulnerabilities to retain customer Confidence
The four goal-posts of Vision 2021 with 36 specific action points over the 36-month timeframe will have the following 12 specific outcomes:
- Further decrease in the share of paper-based clearing as a percentage of retail payments, particularly in terms of number of paper instruments processed.
- Accelerated growth in individual retail electronic payment systems, both in terms of number of transactions and increased availability
- Measurably, the digital payment transaction turnover vis-à-vis GDP (at market prices-current price) is expected to further increase to 10.37 in 2019, 12.29 in 2020 and 14.80 in 2021. Payment transaction turnover, including CCIL transactions and paper, is expected to be 22.30 times the GDP (at market prices-current price) by December 2021
- Increase in use of digital modes of payment for purchase of goods and services through increase in debit card transactions at PoS and continued growth in PPI transactions
- Usage of debit cards at PoS transactions is expected to be at least 44 % of total debit card transactions (at PoS + ATM).
- Increased deployment of card acceptance infrastructure across the country including at smaller centres with a substantial portion of the infrastructure taking care of processing contactless card payments
- The enhanced availability of PoS infrastructure is expected to reduced demand for cash and thus over time achieve reduction in Cash in Circulation (CIC) as a percentage of GDP.
- Further facilitation of mobile based payment transactions as gauged on basis of the registered customer base (expected increase of 50 % considering the base effect).
- Enhanced usage of electronic payment systems is expected to reduce the marginal cost given the additional volume. The pricing of such services to customers should, over the vision period, show reduction of at least a 100 bps from current levels.
- Security of systems and customer centricity as reflected by –
Decrease in Technical Declines reported across various payment systems by 10 % year-on-year.
Reduction in Business Declines reported across various payment systems by 5 % year-on-year.
Improvement in Turn Around Time (TAT) for resolution of customer complaints by PSOs.
- FTS [Fraud to Sales (Fraud value / Sales value) x 10000] count for payment systems is expected to be less than 10 bps for most of the payment systems
- Enhanced healthy competition in the payments space and establishment of new PSOs during the Vision period is envisaged
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IMPORTANT FOR RBI GR B EXAM 2019
The Reserve Bank of India mandatory for banks to link all new floating-rate loans for housing, auto and MSMEs to an external benchmark like repo from October 1. Industry and retail borrowers complaining that banks do not pass on the entire RBI's policy rate (repo rate).The Reserve Bank of India (RBI) observed that due to various reasons, the transmission of policy rate changes to the lending rate of banks under the current marginal cost of funds based lending rate (MCLR) framework hThe banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs (micro, small and medium enterprises) toan external benchmark effective October 1, 2019.The Reserve Bank already reduced the repo or short-term lending rate by 110 basis points, but the banks have reportedly passed on only up to 40 bps to borrowers. The external benchmarks to which the banks will be required to link their lending rates, could be repo, 3-month or 6-month treasury bill yield or any other benchmark published by theFinancial Benchmarks India Private Ltd (FBIL). The banks have also been asked to reset the interest rate under the external benchmark at least once every three months.The circular further said while the banks are free to decide the spread over the external benchmark, the credit risk premium may undergo change only when borrower's credit assessment undergoes a substantial change.The other components of spread including operating cost could be altered once in three years. The decision of the RBI assumes significance amid the clamour for reducing borrowing cost to push consumer demand, which is one of the major reasons for the slowdown in the economy. High-frequency indicators like a significant drop in auto sales and other consumer non-durable are pointing towards demand slowdown.The government announced a slew of measures like liquidity support to the NBFC sector to further push credit disbursal.The RBI had earlier asked the banks to link the rates to external benchmark from April 1, but it was deferred as the lenders wanted more time.The State Bank of India become the first bank to link its certain loans to the repo. Later, a host of other banks too started linking their loan products to the repo or other external benchmarks. In August 2017, the RBI constituted an Internal Study Group (ISG) to examine the working of the MCLR system that was put in place in April 2016. The ISG had recommended the move over to an external benchmark based lending rate system.
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Edutap Finance Video Lectures for RBI Grade B 2019 and SEBI 2019 . All the Videos are present in Offline Mode and Downloadable Format through Google Drive Link. 6.5 GB worth Video Lectures.If Anyone is Interested.Share ur Details on [email protected]
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Finally!! All the best to everyone!!
RBI Notification out, all the best to everyone !!!!
Detailed notification on 20th Sept on their website
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