Under the Payments Vision 2028, the Reserve Bank of India (RBI) is working on a major plan to provide better banking services to customers.
One of the biggest changes is that switching a bank account may soon become as easy as mobile number portability.
Along with this, the RBI is also focusing on fraud protection and making cross-border payments faster and more efficient.
Switching Bank Accounts Will Become Easier
The RBI is developing a new system called the Payments Switching Service (PaSS). This platform will work as a central hub where customers can view and manage all their payment mandates in one place.
Customers will also be able to transfer these mandates from one bank to another easily. This means switching a bank account could become as simple as changing a mobile network without changing the number.
At present, changing a bank account is a difficult process for most customers. Once an account is linked to services such as salary, subsidies, EMIs,
and insurance payments, moving it to another bank becomes complicated because of multiple automatic payments. The new system aims to remove these financial and technical difficulties.
Faster and Better International Payments
The RBI is also planning to improve the international payments system. It is reviewing current regulations and technical barriers so that cross-border transactions become faster, cheaper, and more transparent.
In addition, the expansion of Central Bank Digital Currencies (CBDCs) is expected to make global payments smoother and more convenient in the future.
Focus on Cheque Security and E-Checks
Regarding cheques, the RBI said that it is planning to review cheque design and security features to reduce fraud risks.
Along with this, the central bank is also exploring the introduction of electronic cheques (e-checks) in India. This step can make cheque-based transactions safer and more modern.
Shared Liability for Unauthorized Transactions
The RBI is also working on a “shared liability” model for unauthorized digital payment transactions.
Under this system, the responsibility for losses caused by unauthorized digital payments will be shared by both the customer’s bank (issuer bank) and the beneficiary’s bank.
The RBI is also planning to introduce a feature that will allow customers to turn digital payment transactions on or off for any payment mode, similar to how card controls work today.
E-Commerce Platforms May Come Under Regulation
The RBI has also highlighted the growing role of e-commerce platforms in payment transactions.
According to the central bank, e-commerce marketplaces and centralized platforms now handle major responsibilities in the payment ecosystem.
Because of this, the RBI plans to expand the scope of direct regulation to include these institutions as well.
