Overview
- India’s central bank released Payments Vision 2028 as a roadmap of proposals to modernize, secure, and open up the digital payments system rather than as immediate rules.
- It will examine a shared‑liability model for unauthorized digital transactions in which the customer’s bank and the recipient’s bank split responsibility to strengthen fraud prevention and consumer protection.
- The plan explores technology upgrades including electronic cheques, an open and interoperable card setup with tokenisation and transparent pricing, a user control to switch payment modes on or off, and a Payments Switching Service for easy provider moves.
- RBI will consider widening direct oversight to cover e‑commerce marketplaces, other centralized platforms, and white‑label providers in the Aadhaar Enabled Payment System (AePS) that play system‑wide roles.
- Risk and cross‑border steps include a Cyber Key Risk Indicators framework for non‑bank payment system operators, a Domestic Legal Entity Identifier to tag parties to transactions, interoperability for the Trade Receivables e‑Discounting System (TReDS), and new reports plus a full review to cut frictions in cross‑border payments.