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Abstract

This structured assignment is to accompany the case ''207-018-1''. The abstract of the case is as follows: The Reserve Bank of India (RBI) has brought about a considerable degree of reforms in the payment and settlements systems in India. RBI has made a reality check of its ''Payment Systems - Vision 2001 - 2003''. Buoyed by the considerable progress made so far ''Payment Systems - Vision 2005 - 2008'' set up an ambitious roadmap to carry forward the reforms and to establish a safe, secure, sound and efficient payment system in India in consonance with international standards and best practices. RBI intended to achieve this through certain specific strategic measures like: (1) setting up a new institutional structure for retail payment systems; (2) establishment of a national settlement system; (3) setting up the legal framework for payment and settlements; (4) risk mitigation in payment systems; (5) efficiency enhancements; (6) rural sector facilitation; and (7) customer facilitation and protection. The revamping of payment systems was expected to result in: (1) transparency of electronic payments; (2) facilitation of government payment and collection systems; (3) support for small business growth; (4) reach out to the non-banking segment of the population; (5) facilitate international remittances; and (6) encourage tourism. Analysts kept a close watch on how RBI would meet these expectations on the implementation front.
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Abstract

This structured assignment is to accompany the case ''207-018-1''. The abstract of the case is as follows: The Reserve Bank of India (RBI) has brought about a considerable degree of reforms in the payment and settlements systems in India. RBI has made a reality check of its ''Payment Systems - Vision 2001 - 2003''. Buoyed by the considerable progress made so far ''Payment Systems - Vision 2005 - 2008'' set up an ambitious roadmap to carry forward the reforms and to establish a safe, secure, sound and efficient payment system in India in consonance with international standards and best practices. RBI intended to achieve this through certain specific strategic measures like: (1) setting up a new institutional structure for retail payment systems; (2) establishment of a national settlement system; (3) setting up the legal framework for payment and settlements; (4) risk mitigation in payment systems; (5) efficiency enhancements; (6) rural sector facilitation; and (7) customer facilitation and protection. The revamping of payment systems was expected to result in: (1) transparency of electronic payments; (2) facilitation of government payment and collection systems; (3) support for small business growth; (4) reach out to the non-banking segment of the population; (5) facilitate international remittances; and (6) encourage tourism. Analysts kept a close watch on how RBI would meet these expectations on the implementation front.

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