Ameerul Hasan Siddiqui
Asst. Professor at Matoshri Ushatai Jadhav Institute of Management
Studies & Research Centre, Bhiwandi- India
The central bank of any country is the main driving force for the implementation and development of the national payment system. The Indian payments systems have undergone a volumetric and qualitative change after globalization. At present the payments in India can be made through paper based instrument ,electronic instrument and other instrument ,with the introduction of card-based payments on POS, ATMS and Kiosks, Electronic Funds Transfers (NEFT and RTGS), Electronic Clearing Service, Mobile and Internet Banking, Online e-commerce/m-commerce using Payment Gateways. But India has a long way to go in its march towards a “less-cash” and “less-cheque” country. The present study focuses on the various initiatives taken by the central bank, government, financial institution such as National Payment Corporation of India to promotes electronic mode of payments in India by way of increasing awareness ,accessible and more affordable banking products and services to the excluded sections i.e. weaker sections & low income groups and resident.
Rupay, "Pradhan Mantri Jan-Dhan Yojana (PMJDY)” , Electronics Payments, E- Payments, Cards ,Credit and Debits Cards, ATM, Fund Transfer, Benefits Transfer, RBI , National Payment Corporation of India NPCI
The initiatives taken by the central bank focused of technologies based solution for the improvement of payment and settlement system. The information and communication technology is playing a very important role in progress and ad...
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...t) was enacted, formalising the usage and characteristics of instruments like the cheque, the bill of exchange and promissory note.
After the setting up of Reserve Bank of India under the RBI Act 1935, The payment and clearing work was taken over by Reserve Bank of India.
Overview of Indian Electronic Payment System
Modes of Electronic Payment System in India
The efforts made by the Reserve Bank in migrating to electronic payments are refl ected in the high volumes witnessed under various electronic payment systems during the year (Table IX.1). Alongside acceptance of electronic payments, the volumes processed under paper- based clearing systems, relative to other non-cash payment means, continued to show a declining trend. Overall, the payment and settlement systems registered a healthy growth in volumes at 23.2 per cent and value at 14.2 per cent during 2013-14.
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