Reserve Bank of India is an independent institution which works in cooperation with Union Government. The biggest path breaking decision of Demonetisation is taken both by RBI and Union Government, So It is must to understand the Vision of RBI on Demonetisation.
What exactly is the vision laid down by RBI in the way we transact our business?
- Vision 2018 – Payment and Settlement System reiterate the commitment to make India a Less – Cash Society where payments can be done electronically which will bring more convenience, security, speed and efficiency in process.
- RBI observes that ATM POS transactions have been showing greater adoption and acceptability.
- Those who believe in data transactions, we present you data of transactions done by different payment mode from 2014-2016. You will understand that RBI is correct in his conclusion that ATM POS Transactions adopt ability is great.
- The Five C Principle guiding the decision of Demonetisation is – Coverage, Convenience, Confidence, Convergence, Cost
- The four strategic initiatives are as follows. Note the focus on security, accessibility, and cost towards Less Cash India.
What is the goal and objective which is going to be accomplished by RBI post Demonetisation?
Four Strategic initiatives explained in depth
1. Responsive regulation
2. RoBust infrastructure
3. Effective supervision
4. Customer centric
I hope you all Now properly understand the Vision, Objective and Initiatives taken by Reserve Bank of India. Don’t believe in any rumours, Educate yourself and Educate Others. This is our Nation and We as a citizen have to better understand the governance.
Special Thanks to Ashutosh Muglikar.