RBI plans Vision 2018 to usher ‘less cash, more digital’ society
The Reserve Bank on Tuesday said it will soon come out with Vision 2018 document with a view to migrating to a less cash and more digital society. “RBI will publish Vision 2018 for payment and settlement systems in the country by April-end 2016. Vision 2018 will continue to focus on migrating to a less-cash and more digital society,” the first bi-monthly monetary statement for 2016-17 said.
The idea is to make regulations more responsive to technological developments and innovations in the payment space. This will be complemented by enhanced supervision of payment system operators, improvement in customer grievance redressal mechanisms and strengthening of payment infrastructure, RBI added.
To help micro, small and medium enterprises (MSMEs), RBI will lay down a framework by September 2016 for accreditation of credit counsellors who can act as facilitators for entrepreneurs to access the formal financial system with greater ease and flexibility. “Credit counsellors will also assist MSMEs in preparing project reports in a professional manner which would, in turn, help banks make more informed credit decisions,” it said. In order to make the process of registration of new non-banking financial companies (NBFCs) smoother and hassle free, it has been decided to simplify and rationalise the process of registering such entities.
“The new application forms will be simpler and the number of documents required to be submitted will be reduced to a minimum,” it said. Peer to peer (P2P) lending, RBI said, has shown an accelerated growth over the last one year.
“While encouraging innovations, the Reserve Bank cannot be oblivious to the risks posed by such institutions to the system.
“A Concept Note on P2P lending will be put up on the Reserve Bank’s website for public comments by April 30, 2016 and based on the feedback, the contours of regulating P2P lending will be decided in consultation with Sebi,” it said.
In order to strengthen the Business Correspondent (BC) infrastructure, RBI will set up a system of online registration and create a registry of BCs.