The Reserve Bank of India has positioned consumer empowerment through portable bank accounts and cross-border efficiency at the centre of its Payments Vision 2028, signalling a new focus on improving user experience and reducing friction in money movement. According to reports from The Times of India, while customers can freely open accounts with any bank, savings accounts are considered 'sticky' due to multiple standing instructions for sending and receiving money into specified accounts. The central bank's approach addresses this challenge through a comprehensive framework designed to enhance financial accessibility. As reported by The Economic Times, the RBI is working on a Payments Switching Service that will centralise all such mandates, providing customers with a unified interface to view and migrate both incoming and outgoing payment instructions, thereby reducing dependence on individual banks and enabling greater account portability.
RBI's latest initiatives include 'payment off switches' - a facility where customers can enable or disable transactions across any digital payment mode, similar to how card controls work today. As reported by Upstox News, this feature aims to help users avoid fraud when not actively using payment apps. The central bank is also implementing a shared liability approach where both the customer's bank and the beneficiary's bank jointly bear liability from unauthorised digital payment transactions. This represents a significant shift from current practices where fraud resolution can be exhausting for customers. According to The Economic Times, these measures are part of the central bank's broader strategy to place consumer empowerment at the heart of its Payments Vision 2028.
The RBI plans to introduce electronic cheques in India to leverage the unique benefits of paper-based instruments and electronic payment speed and reliability. According to Upstox News, the central bank will review the design and security features for fraud prevention while exploring this new payment mechanism. This development addresses the need for modernizing traditional cheque systems while maintaining the security and familiarity of paper-based transactions. As reported by The Economic Times, these efforts come alongside India's ongoing initiatives to strengthen international payment linkages, including agreements with other countries to integrate domestic fast payment systems and facilitate the acceptance of central bank digital currencies (CBDCs).
RBI is extending direct regulations to cover e-commerce marketplaces and centralised platforms that have been assuming significant responsibilities in payment handling. As reported by Upstox News, the central bank plans to bring more systems, like Aadhaar-enabled and assisted payment providers, under its regulatory fold. Additionally, a new Cyber Key Risk Indicators (KRI) framework is being proposed for payment operators to ensure tighter, data-driven supervision and safer, more reliable applications for users. According to The Economic Times, these regulatory measures are aimed at lowering entry barriers for firms, fostering innovation and reducing delays in cross-border fund transfers, even as India has been signing agreements with other countries to link domestic fast payments systems and enable CBDC acceptance.
A key priority is making cross-border payments faster, cheaper and more accessible through a comprehensive review of the ecosystem. According to the report, the central bank plans to identify regulatory, operational and technological bottlenecks while aligning domestic systems with global standards shaped by the G20. The proposed changes aim to lower entry barriers for firms, promote innovation and reduce delays in cross-border fund transfers, even as India has been signing agreements with other countries to link domestic fast payments systems and enable CBDC acceptance. As reported by The Economic Times, these efforts by the central bank come alongside India's ongoing initiatives to strengthen international payment linkages, including agreements with other countries to integrate domestic fast payment systems and facilitate the acceptance of central bank digital currencies (CBDCs).
