RBI Unveils Payments Vision 2028

On 27th March 2026, the Reserve Bank of India has released its Payments Vision 2028 document, outlining a roadmap to expand and secure India’s digital payments ecosystem under the theme “Shaping India’s Payment Frontier.”

Key Points

Core Focus Areas:
- User empowerment and convenience.
- Fraud prevention and security.
- Efficient cross-border payments.
- Ease of doing business.
TReDS Interoperability:
- Framework proposed for Trade Receivables Discounting Systems (TReDS).
- Aims to create an integrated receivables financing ecosystem.
Enhanced User Controls:
- Introduction of “switch on/off” facility across digital payment modes.
- Similar to card controls for better fraud management.
Cross-Border Payments Reform:
- Review of international payment frameworks.
- Focus on faster, cheaper, and more efficient transactions.
Regulatory Streamlining: Simplification under the Payment and Settlement Systems Act, 2007 and Foreign Exchange Management Act, 1999
Fraud Risk Framework:
- Proposal for shared responsibility between issuing and beneficiary banks.
- Better handling of unauthorised digital transactions.
Time Horizon: Vision roadmap extends up to December 2028.