The Reserve Bank of India (RBI) Governor Shaktikanta Das has said that payment system operators need to focus on governance, risk management and compliance. He was speaking at an event organised by the Payments Council of India.
He said that the RBI recognises the need for efficient and reliable payments systems and has taken various steps to promote financial inclusion, including setting up of payment systems. He also said that the RBI is working towards making the payments system more secure and robust. He said that the RBI is committed to promoting electronic payments and mobile banking to ensure greater financial inclusion.
He further said that the RBI is also taking steps to ensure that the interests of consumers are protected by introducing a unified payment interface (UPI) and other measures. He said that the RBI is also putting in place a framework for regulating digital currencies.
The Governor said that the RBI is also encouraging digital payments through merchant discount rates (MDR) and other measures. He said that the RBI is working towards creating a conducive environment for digital payments by introducing a host of measures such as enabling interoperability among banks, allowing the use of Aadhaar-enabled payments and providing access to UPI-based payments.