==This is a note has been prepared from [Payment Systems Report (Half Yearly), June 2025, released on Oct 23, 2025.](RBI_Half-Yearly_202512_Payment%20Systems%20Report,%20June%202025_Released-Oct%2023,%202025.pdf)== 1. Payment System - Section 2(1) (i) of the PSS Act 2007 defines a payment system to mean a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange (Section 34 of the PSS Act 2007 states that its provisions will not apply to stock exchanges or clearing corporations set up under stock exchanges). It is further stated by way of an explanation that a “payment system” includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations. 2. **All systems (except stock exchanges and clearing corporations set up under stock exchanges) carrying out either clearing or settlement or payment operations or all of them are regarded as payment systems,** under this act. 1. All entities operating such systems will be known as system providers. Also all entities operating money transfer systems or card payment systems or similar systems fall within the definition of a system provider. 3. To decide whether a particular entity operates the payment system, it must perform either the clearing or settlement or payment function or all of them 4. ==The definition of payment system in the PSS Act therein includes all categories of FMIs, including TRs, as well as non-systemically important payment systems.== 1. Hence the term “Payment System” in the PSS Act shall be construed as reference to a “designated trade repository”. “settlement” means settlement of payment instructions and includes the settlement of securities, foreign exchange or derivatives or other transactions which involve payment obligations. 2. The expression ‘FMI’ has not been defined explicitly in the PSS Act 5. The Payment and Settlement Systems Act, 2007 (PSS Act) has designated and confers upon the RBI the right to regulate and supervise Payment Systems within the country. **In this note we discuss about the payments systems that carry out payment operations**. Here's the list of authorised total(all) payment systems in India: ## Total Payment Systems | Payment System | Operated by | | --------------------------------------------- | ------------------------- | | ==**RTGS**== | ==**RBI**== | | Retail (NEFT) | RBI | | Cheques (CTS) | RBI + NPCI | | AePS (banking transactions, BHIM Aadhaar Pay) | NPCI | | Toll Payments (NETC) | NPCI | | Bill Payments (BBPS) | NPCI | | Bulk Payments (NACH) | NPCI | | Fast Payments (IMPS) | NPCI | | Fast Payments (UPI) | NPCI | | MSME Financing (TReDS) | Other PSOs / Banks | | PPI | Other PSOs / Banks | | MTSS (only receiving personal remittances) | Other PSOs / Banks | | Cards | Other PSOs / Banks + NPCI | | WLAO / NFS | Other PSOs / Banks + NPCI | *Source - Annex–II in [Payment Systems Report (Half Yearly), June 2025* **Total Payments** 1. Total Payments include Digital Payments and Paper-based Instruments (Cheques) 1. Digital Payments include Retail Digital Payments and RTGS. 2. Retail Digital Payments are 1. NEFT, 2. AePS fund transfer (for banking services like Aadhaar-to-Aadhaar fund transfers, along with withdrawal, deposits, or balance inquiry, mini statements, etc) 3. BHIM Aadhaar Pay (which is a merchant version of AePS) 4. NETC (linked to bank accounts) 5. ~~Bill Payments (BBPS)~~ *(the actual payment inside BBPS happens through other retail digital payment systems)* 6. NACH (credit, debit and APBS), 7. IMPS 8. UPI (including BHIM & USSD), 9. PPI payment transactions (excl. cash withdrawal) 10. card payment transactions (excl. cash withdrawal), 3. ==So Retail Payments include Retail Digital Payments and Paper-based Instruments (Cheques).== 2. About [NPCI](NPCI.md)] ### RTGS 1. [They](RTGS.md) are owned and operated by the RBI ### NEFT 1. NEFT system is a retail payment system, owned and operated by RBI. 2. [FAQs](https://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=274) on NEFT 3. [NEFT Procedural Guidelines](https://www.rbi.org.in/scripts/SearchResults.aspx?search=NEFT+Procedural+Guidelines) 4. Centralised Payment Systems (CPS) of RBI - Both RTGS and NEFT are payment systems that are owned, operated, and managed directly by the RBI. They are called "centralised" because all settlement and clearing activities are processed through a single, central platform managed by the central bank. So cheque clearing is a de-centralised payment system of RBI. 5. [FAQs on CPS](https://rbi.org.in/Scripts/FAQDisplay.aspx?Id=144) 6. [December 6, 2019](RBI_Notification_20191206_Availability%20of%20National%20Electronic%20Funds%20Transfer%20(NEFT)%20System%20on%2024x7%20basis.pdf) - NEFT was made available on 24x7 basis, after the initial announcement in Aug 2019. 7. [December 16, 2019](RBI_Notification_20191216_Furthering%20Digital%20Payments%20–%20Waiver%20of%20Charges%20–%20National%20Electronic%20Funds%20Transfer%20(NEFT)%20System.pdf) - RBI directed banks to levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. internet banking and/or mobile apps of the banks) with effect from January 2020. ### Cheques 1. [Link](Cheques.md) ### Membership 1. [January 17, 2017](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10833) - Master Directions on Access Criteria for Payment Systems 1. The provisions of these directions shall apply to all scheduled/ licensed banks/PDs/authorised payment system providers (PSPs) who are desirous of participation (membership) in payment systems in India, operated by the RBI - RTGS, NEFT, Cheques ### AEPS 1. Aadhaar Enabled Payment System (AePS) is a National Payments Corporation of India (NPCI)-developed model for cardless banking transactions 2. Here AePS includes: 1. banking functions like fund transfers(Aadhaar-to-Aadhaar), cash withdrawal, deposits, balance inquiries, mini-statements (and other non-banking services) for an Aadhaar enabled bank account by using only Aadhaar authentication (fingerprint or iris scan) at a micro-ATMs, branch channel or via Business Correspondent (BC). 2. Fund transfers can be done only at BC of your own bank, and rest can be availed at BCs of any bank 3. BHIM Aadhaar Pay, which is a merchant version of AePS) 3. [About AePS](https://www.npci.org.in/product/aeps) ### Toll Payments (NETC by NPCI) 1. [Link](https://www.npci.org.in/product/netc) ### NACH 1. [NACH](https://www.npci.org.in/product/nach/about-nach) (National Automated Clearing House), implemented by the NPCI (National Payments Corporation of India), is a modernized, centralized, and faster replacement for the older, regional [ECS](https://www.rbi.org.in/commonman/english/scripts/ECS.aspx) (Electronic Clearing Service) system. 2. ECS (Debit and Credit), was witnessing low volumes (by 2019) and it was planned that it would be soon be subsumed in the National Automated Clearing House (NACH) system operated by NPCI. RBI. (Jan 21, 2019). [^1] 3. All ECS centres were fully migrated to NACH by 31 January 2020 4. While ECS was operated by the RBI, NACH now handles bulk, recurring, and interbank transactions (like EMIs, salaries, SIPs) nationally. ### Bharat Bill Payment System (BBPS) 1. It is operated NPCI Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI). 2. Bharat Connect, and formerly named Bharat Bill Payment System (BBPS), designed for recurring payments for more than 25 utilities (including electricity, water, gas, telephone, DTH, insurance, and more), has various payment channels and modes, with UPI as one of the modes of bill payment. 3. So it is a bill payment platform 4. The concept was put forth by RBI in 2013. It was launched in August 2016 5. Bharat QR is only used for P2M (person to merchant) transactions done via credit card or debit card payments, whereas using UPI based QR, P2P (person to person)/P2M transactions are done via Virtual Payment Addresses (VPA) 6. [Link](https://www.bharat-connect.com/) 7. [February 29, 2024](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12616) - Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024 ### UPI 1. [Link](Unified%20Payments%20Interface%20-%20UPI.md) 2. [FAQs](https://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=3415) on Cross-border payment using UPI > Must Read - [Chapter 8-The Payment and Settlement System](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf) in History of The Reserve Bank of India (1997-2008)-Volume V ### TReDs 1. [March 19, 2004](RBI_Press%20Release_20140319_RBI%20Seeks%20Feedback%20on%20Concept%20Paper%20on%20Trade%20Receivables%20and%20Credit%20Exchange%20for%20Financing%20MSMEs.pdf) - RBI's 2014 concept [paper](RBI_Concept%20Paper_201403_Concept%20Paper%20on%20Trade%20Receivables%20and%20Credit%20Exchange%20for%20Financing%20of%20Micro,%20Small%20and%20Medium%20Enterprises.pdf), titled _Micro, Small & Medium Enterprises (MSME) Factoring-Trade Receivables Exchange_, proposed an electronic platform to resolve MSME liquidity constraints. 2. This framework laid the foundation for the Trade Receivables Discounting System (TReDS) to enable MSMEs to auction and discount their trade invoices 3. [FAQs on TReDS](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=3138) 4. It was launched in 2018. There are multiple separate TReDS platform authorised and regulated by the RBI. 5. As on Dec 2025, there are four such platforms: 1. [Receivables Exchange of India Ltd (RXIL)](https://www.rxil.in/): A joint venture between the Small Industries Development Bank of India (SIDBI) and the National Stock Exchange (NSE). 2. [Invoicemart](https://www.invoicemart.com/): Operated by A. TReDS Ltd., a joint venture between Axis Bank and mjunction services. 3. [M1xchange](https://www.m1xchange.com/): Operated by Mynd Solutions Pvt. Ltd.. 6. C2FO: A more recent entrant also licensed by the RBI 7. [Entity-wise TReDS Statistics](https://www.rbi.org.in/Scripts/TReDSStatisticsView.aspx) 8. [Guidelines](https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3504) for the Trade Receivables Discounting System (TReDS) ### PPI 1. [August 27, 2001](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12156) - Master Directions on Prepaid Payment Instruments (PPIs) ### Cards 1. FAQ on [Card Transactions](https://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=1498) including PPI cards. 2. Mar 8, 2016 - [Concept Paper on Card Acceptance Infrastructure](RBI_Reports_20160308_Concept%20Paper%20on%20Card%20Acceptance%20Infrastructure.pdf) 3. June 2, 2011 - [Report](RBI_Group-Committee_20110602_Report%20of%20the%20Working%20Group%20on%20Securing%20Card%20Present%20Transaction.pdf) of the Working Group on Securing Card Present Transaction 4. Data Releases - [Bankwise ATM/POS/Card Statistics - Monthly](https://rbi.org.in/scripts/ATMView.aspx) > [Information](https://rbi.org.in/Scripts/FS_UsefulInfoCustomer.aspx?fn=9) useful to banks/FIS relating payment systems **An excerpt from March 10, 2025 Speech by Sanjay Malhotra** 1. It started with ECS (electronic clearing service). India then introduced NEFT, RTGS, IMPS, NACH (this is for e-mandates, it has replaced ECS), AePS, UPI, NETC, etc. We have introduced many new features on UPI and expanded its scope to cater to different needs of customers. These include UPI123Pay, UPI Lite, linking RuPay credit cards to UPI, processing payment mandates with single-block-and-multiple-debits, enabling Credit Lines for UPI, linking PPIs with UPI, etc. UPI with its multiple features, allows us to transfer money, pay bills, and make purchases with a simple click, tap or scan. We will continue to proactively support the development of the payment ecosystem. [^2] ## Payment System Operators 1. [List](https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043) of 'Payment System Operators’ authorised by the RBI, under the Payment and Settlement Systems Act, 2007, to set up and operate in India under the Payment and Settlement Systems Act, 2007. 2. Example-NPCI operating NFS, UPI, etc. 3. ==Jan 21, 2019 - [Policy Paper](RBI_Reports_20192101_Policy%20Paper%20on%20Authorisation%20of%20New%20Retail%20Payment%20Systems.pdf) on Authorisation of New Retail Payment Systems was released == ## Payment System Provider (PSP) 1. PSP means and includes a person who operates an authorised payment system as defined under Section 2 of the Payment and Settlement Systems Act, 2007. 1. Example - Axis Bank is a PSP bank, that is a member of UPI and it connects directly to the UPI, and provides UPI payment facility to TPAP(third party application provider like Google Pay, PhonePe UPI, etc). So TPAP have to partner with PSP banks to provide UPI service on their apps. 2. So Axis Bank is a PSP for UPI. ## Payment Aggregators & Payment Gateways 1. Master Direction on Regulation of Payment Aggregator (PA) - [Link](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12896) 1. Example - [Google is authorised as PA in India](https://pay.google.com/intl/en_in/about/business/policy/merchant-on-boarding/) ## Criteria for declaring a payment system as SIPS 1. A payment system, authorised by RBI, would be categorised as an FMI if it has the potential to trigger or transmit systemic disruptions, or as and when it reaches systemic or system wide importance. The parameters considered are: 1. volume and value of transactions handled / processed; 2. share in the overall payment systems; 3. markets in which it is operating; 4. number and types of participants; 5. degree of interconnectedness and interdependencies; 6. criticality in terms of concentration of payment activities, etc. 2. Based on the above parameters, the RBI shall declare the names of payment systems as SIPS. 3. As of now, RTGS has been declared as SIP, and is overseen against PFMI within the framework - [Oversight Framework for Financial Market Infrastructures and Retail Payment Systems](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864). 4. Along with RTGS, NPCI and NEFT are also overseen against some of the PFMI under this framework. ## Principles for Financial Market Infrastructures (PFMI) 1. The Committee on Payment and Settlement Systems (CPSS) (CPSS is rechristened as Committee on Payment and Market Infrastructures- CPMI) and International Organisation of Securities Commissions (IOSCO) have established, over the years, international risk-management standards for payment systems that are systemically important (SIPS), CSDs, SSSs, and CCPs. 2. February 2010 - the CPSS and the Technical Committee of IOSCO launched a comprehensive review of the three existing sets of standards for FMIs: 1. the Core Principles for Systemically Important Payment Systems (CPSIPS, Jan, 2001), 2. CPSS-IOSCO "Recommendations for Securities Settlement Systems" (RSSS, Nov 2001), 3. CPSS-IOSCO "Recommendations for Central Counterparties (RCCP, Nov 2004) – in support of the [FSB’s](https://www.fsb.org/about/) broader efforts to strengthen core financial infrastructures and markets by ensuring that gaps in international standards are identified and addressed. 3. April 2012 - Accordingly, a comprehensive set of 24 principles were issued as part of the report titled “Principles for Financial Market Infrastructures” (PFMI) [published](http://www.bis.org/publ/cpss101a.pdf) in April 2012 4. The FMIs would be overseen against all or some of [24 principles for FMIs](RBI_Policy%20Document_2020_Oversight%20Framework%20for%20Financial%20Market%20Infrastructures%20(FMIs)%20and%20Retail%20Payment%20Systems%20(RPSs).pdf#page=51&selection=2,0,2,8), according to the policy document [Oversight Framework for Financial Market Infrastructures and Retail Payment Systems](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864). 5. For applicability of PFMIs to payments systems, they are divided into 1. Systemically Important Payment Systems (SIPS) and System Wide Important Payment System (SWIPS) - [Link](Appendix 9) Both are assessed against the PFMIs. 2. Other retail payment systems (RPSs) into Important Retail Payment Systems (IRPS) and Other Retail Payment Systems (ORPS) - [Link](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3864#A10:~:text=%E2%97%8F-,Appendix%2010,-Applicability%20of%20PFMIs) 1. They are not assessed against all PFMIs, except for submission of Self-Assessment Template (SAT) dovetailed to their specific requirements on an annual basis. However, some of the PFMIs are so fundamental that they should also be observed by even these RPSs. 6. A short [note](Oversight%20of%20Payment%20Systems.md) on oversight framework for FMIs and retail payment systems. >Box Reserve Bank of India – Digital Payments Index (RBI-DPI) >[Box IX.2-Household Choice of Digital Payments amidst COVID-19 Pandemic](RBI_Annual%20Report_2022.pdf#page=201&selection=61,1,62,61) - RBI's Annual Report 2022 >==[Chart II.1: Financial Innovations – A Conceptual Framework](RBI_Reports_20240729_Report%20on%20Currency%20and%20Finance%202023-24.pdf#page=67&selection=218,0,218,58) in Report on Currency and Finance 2023-24== >Box Reserve Bank of India – Digital Payments Index (RBI-DPI) >RBI's website (Home page-Right side) - [Link](https://rbi.org.in/home.aspx#:~:text=Payment%20and%20Settlement%20Systems) ## Digital Payments Index (RBI-DPI) 1. [Jan 01, 2021](RBI_Press%20Release_20210101_Reserve%20Bank%20of%20India%20introduces%20the%20RBI-Digital%20Payments%20Index.pdf) - Reserve Bank of India introduced the RBI-Digital Payments Index, a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country. 2. It is issued for the months of March and September of every year, that is on semi-annual basis from March 2021 onwards, with a lag of 4 months. ## Digital Payments Awareness Week 1. This is covered in redressal of grievances (for FMIs and retail payment systems) - [Link](Oversight%20of%20Payment%20Systems.md#Grievance%20Redressal%20Mechanism) ## Competitions 1. [Sep 30, 2019](RBI_Press%20Release_20190930_RBI%20announces%20“Payment%20and%20Settlement%20Systems%20Innovation%20Contest%20and%20Payment%20and%20Settlement%20Systems%20Innovative%20Ideas%20Competition”.pdf) - RBI announced “Payment and Settlement Systems Innovation Contest and Payment and Settlement Systems Innovative Ideas Competition” ## Act/Regulations/Directions 1. **Act** 1. The payment and settlement systems in India are regulated under the [Payment and Settlement Systems Act, 2007 (PSS Act)](https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=420). 2. The Payment and Settlement Systems Act, 2007 (PSS Act) has designated and confers upon the RBI the right to **regulate and supervise** Payment Systems within the country through a Board to be known as the "Payments Regulatory Board". 2. **Regulations** 1. Two regulations have been framed under this act 2. Payment and Settlement Systems Regulations, 2008 (as amended from time to time) was framed under this Act. 1. Both the Act and Regulations have come into effect from 12th August 2008. 3. [Payments Regulatory Board Regulations, 2025](RBI_Regulations_20250520_Payments%20Regulatory%20Board%20Regulations,%202025.pdf), effective from May 20, 2025 1. It superseded the Board for Regulation and Supervision of Payment and Settlement Systems [Regulations, 2008](RBI_Notification_20080812_Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems%20Regulations,%202008.pdf) 2. The Regulations of 2008 [replaced](RBI_Notification_20080812_Repeal%20of%20Reserve%20Bank%20of%20India%20(Board%20for%20Regulation%20and%20Supervision%20of%20Payment%20and%20Settlement%20Systems)%20Regulations,%202005.pdf) the Reserve Bank of India (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2005. 3. **Directions** 1. [Reserve Bank of India (Authentication Mechanisms for Digital Payment Transactions) Directions, 2025](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12898&Mode=0), dated [Sep 25, 2025](RBI_Press%20Release_20250925_RBI%20issues%20Directions%20on%20Framework%20on%20Authentication%20Mechanisms%20for%20Digital%20Payment%20Transactions.pdf) 2. [Master Direction on Digital Payment Security Controls](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12032&Mode=0#MD), dated [Feb 18, 2021](RBI_Press%20Release_20210218_Master%20Direction%20on%20Digital%20Payment%20Security%20Controls.pdf) 3. [More](Outright%20Transactions%20in%20G-Secs%20in%20Secondary%20Market.md#Master%20Directions) ## Supervision 1. [Link to Oversight of Payment Systems](Oversight%20of%20Payment%20Systems.md#Oversight%20(the%20Legal%20Basis)) ## Benchmarking 1. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019. 2. [June 4, 2019](RBI_Reports_20190604_Benchmarking%20India’s%20Payment%20Systems.pdf) - Benchmarking India’s Payment Systems 3. [July 1, 2022](RBI_Reports_20220701_Benchmarking%20India’s%20Payment%20Systems.pdf) - Benchmarking India’s Payment Systems ## FAQs 1. [Link to FAQs](https://rbi.org.in/scripts/FAQDisplay.aspx?dId=47963) on Payment and Settlement System ## Related Notes 1. [RTGS](RTGS.md) 2. [Unified Payments Interface - UPI](Unified%20Payments%20Interface%20-%20UPI.md) 3. [Cheques](Cheques.md) 4. [Oversight of Payment Systems](Oversight%20of%20Payment%20Systems.md) 5. [NPCI](NPCI.md) 6. [Digital Lending](Digital%20Lending.md) ## Data Releases 1. Table: Payment Systems Indicators in - [Handbook of Statistics on Indian Economy](https://rbi.org.in/scripts/AnnualPublications.aspx?head=Handbook%20of%20Statistics%20on%20Indian%20Economy) ## Master Directions 1. [Link](Outright%20Transactions%20in%20G-Secs%20in%20Secondary%20Market.md#Master%20Directions) ## References ### [[Speeches & Media Interactions|Speeches]] 1. Sanjay Malhotra. (Oct 10, 2025). Driving Inclusive and Sustainable Growth Through Digital Public Infrastructure and FinTech - Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India - October 8, 2025 - at the Global Fintech Fest 2025, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1525) 2. Sanjay Malhotra. (Mar 10, 2025). Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1496) 3. Shaktikanta Das. (Aug 26, 2024). ==Inaugural Address== by Shri Shaktikanta Das, Governor, Reserve Bank of India at the RBI@90 Global Conference on “Digital Public Infrastructure and Emerging Technologies”, August 26, 2024, Bengaluru. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1456) 4. Shaktikanta Das. (Mar 04, 2024). Address by Governor, Reserve Bank of India at the Digital Payments Awareness Week celebrations, March 4, 2024, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1422) 5. Shaktikanta Das. (Mar 18, 2023). ==Inaugural Address== by Shri Shaktikanta Das, Governor, Reserve Bank of India at the ==Payment System Operators (PSO)== Conference, Kochi, March 18, 2023. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1357) 6. Shaktikanta Das. (Mar 06, 2023). ==Address== by Governor, Shri Shaktikanta Das, Reserve Bank of India - March 06, 2023 - ==Digital Payments Awareness Week== (March 6-12, 2023) Launch of Mission ‘Har Payment Digital’, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1353) 7. Urjit R. Patel. (Aug 17, 2018). ==Innovation in Retail Payments== - Urjit R. Patel, Governor, Reserve Bank of India - August 16, 2018 - Address at the Launch of Unified Payments Interface(UPI) Version 2. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1060) 8. B. P. Kanungo. May 30, 2018. ==Excellence in Payments== - Shri B. P. Kanungo, Deputy Governor, Reserve Bank of India- May 29, 2018-Keynote Address Delivered at NPCI National Payments Excellence Awards function, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1058) 9. R. Gandhi. (Feb 20, 2017). ==Payment Systems - Next Orbit== - Shri R. Gandhi, Deputy Governor - February 20, 2017 - at the launch of Bharat QR Code at Hotel Trident, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1034) 10. R. Gandhi. (Oct 24, 2016). ==Evolution of Payment Systems in India: Or is it a Revolution?== - Shri R. Gandhi, Deputy Governor - October 22, 2016 - at the Banaras Hindu University, Varanasi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1028) 11. R. Gandhi. (Dec 22, 2015). ==Payment Revolution: Preparing for Participation== - Shri R. Gandhi, Deputy Governor - December 22, 2015 - organized by National Payments Corporation of India (NPCi), Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=983) 12. S. S. Mundra. (May 28, 2015). ==Indian Payments System Kaleidoscope== - Valedictory address delivered by Shri S. S. Mundra, Deputy Governor, Reserve Bank of India at the International Conference on National Payment Schemes organised by NPCI on May 22, 2015. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=958) 13. Harun R Khan. (Sep 30, 2013). ==Payment Systems in India: Reflections on some recent trends and future challenges== - Inaugural address delivered by Shri. Harun R Khan, Deputy Governor of the Reserve Bank of India at the International Seminar on Adoption of ISO 20O22 in RTGS held at the College of Agricultural Banking, Pune on September 30, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=839) 14. G Padmanabhan. (Feb 27, 2013). ==Role of Financial Market Infrastructure in Financial System Stability & Implications for Central Bank== - presentation by Shri G Padmanabhan, Executive Director, Reserve Bank of India, at the 11th SEACEN-World Bank Advanced course on Payment and Settlement Systems, Kuala Lumpur, February 26, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=784) 15. G Padmanabhan. (Feb 15, 2013). ==International Seminar on Principles of Financial Market Infrastructures and Innovations in Retail Payments== - Valedictory address delivered by Shri. G. Padmanabhan, Executive Director at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 15, 2013 at New Delhi.[Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=782) 16. Harun R Khan. (Feb 14, 2013). ==Principles of Financial Market Infrastructure & Innovations in Retail Payment Systems: Some Perspectives== - Inaugural address delivered by Shri Harun R Khan, Deputy Governor at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 14, 2013 at New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=781) 17. Harun R Khan. (Nov 26, 2012). ==Financial Inclusion and Payment Systems: Recent Trends, Current Challenges and Emerging Issues== - Detailed version of the presentation made by Shri Harun R. Khan, Deputy Governor, Reserve Bank of India at BANCON 2012 organised by the Bank of Maharashtra and the Indian Banks’ Association on November 25, 2012 at Pune. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=755) 18. RBI. (Aug 3, 2012). ==Indian Payment and Settlement Systems Responsible Innovation and Regulation== - Keynote address by Dr. D. Subbarao, Governor, Reserve Bank of India at the IDRBT Banking Technology Awards Function on August 3, 2012 at Hyderabad. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=714) 19. RBI. (Jan 9, 2012). ==Evolving Customer friendly Payment Systems in India – a continuing agenda== - Inaugural address by Shri G.Padmanabhan, Executive Director, Reserve Bank of India on the occasion of the launch of Mobile Banking services by Tamilnad Mercantile Bank Ltd on 9 January, 2012 at Chennai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=652) 20. H. R. Khan. (Aug 25, 2011). Banking, electronic payments and road ahead - Special address by Shri H. R. Khan, Deputy Governor, Reserve Bank of India at the FICCI-IBA conference on Global Banking: Paradigm Shift on 25 August, 2011 at Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=594) 21. K. C. Chakrabarty. (Jan 19, 2011). ==Emerging Trends in Payment Systems and Challenges== - Inaugural address by Dr K. C. Chakrabarty, Deputy Governor , RBI at Banknet’s 7th Annual Conference on Payment Systems at Mumbai on Jan 19, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=546) 22. Shyamala Gopinath. (Nov 23, 2010). ==Remarks by Smt Shyamala Gopinath==, DG, RBI at the inauguration of Inter-Bank Mobile Payment Service of the National Payment Corporation of India at Mumbai on November 22, 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=536) 23. Duvvuri Subbarao. (Mar 19, 2009). ==Retail Payments : Perspectives and Way Forward== - Valedictory Address delivered on March 19, 2009 at the Regional Seminar on Payment and Settlement Systems, organised jointly by the Reserve Bank of India and the Bank for International Settlements, Switzerland at Mamallapuram, Chennai, India. - By Duvvuri Subbarao, Governor. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=412) 24. Shyamala Gopinath. (Mar 17, 2009). ==Retail Payment Systems – Select Issues== - Inaugural Address by Smt. Shyamala Gopinath, Deputy Governor, Reserve Bank of India at the Regional Seminar on Payment Systems, jointly organised by the Reserve Bank of India and Bank for International Settlements at Mamallapuram, Chennai, India on March. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=415) 25. Y.V. Reddy. (Oct 23, 2006). ==Payment and Settlement Systems : Select issues== - Valedictory address by Dr. Y.V. Reddy, Governor, Reserve Bank of India at the Regional Payment Systems Workshop organised jointly by the Reserve Bank of India and the Bank for International Settlements at Hyderabad on October 20, 2006. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=307) 26. Vepa Kamesam. (May 06, 2003). ==Payment & Settlement Systems== - Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India, organized by Fixed Income Money Market and Derivatives Association of India (FIMMDA) at Mumbai on May 6, 2003.[Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=127) 27. RB. (Jul 21, 2003). ==Roll-out Strategy for RTGS Implementation== - Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India,at a meeting with CMDs of banks on July 21, 2003. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=131) 28. RBI. (Jun 19, 1999). ==INFINET and the Payment Systems== - S.P. Talwar, at the inauguration of the "INFINET" held at the Institute for Research and Development in Banking Technology, Hyderabad on June 19, 1999. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=22) 29. RBI. (Sep 01, 1993). Speedy Payment of Remittances - Speech by C. Rangarajan. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1163) ### [[Publications (Data Releases) & Research#Research|Research]] [Groups/Committees](Groups%20and%20Committees.md) 1. RBI. (Sep, 2000). Report of the Advisory Group on Payment and Settlement System (Part I) (Chairman-Shri M.G.Bhide). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=09/27/00&SECID=21&SUBSECID=0) 2. RBI. (Jan, 2001). Report of the Advisory Group on Payment and Settlement System (Part - II) (Chairman-Shri M.G.Bhide). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=01/16/01&SECID=4&SUBSECID=23) 3. RBI. (July, 2001). Report of the Advisory Group on Payment and Settlement System (Part - III) (Chairman-Shri M.G.Bhide). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=07/16/01&SECID=4&SUBSECID=23) 4. RBI. (Nov 28, 2002). Committee on Payment Systems (Chairman-Dr R H Patil). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/28/02&SECID=21&SUBSECID=0) | [pdf](RBI_Group-Committee_20021128_Committee%20on%20Payment%20Systems_Chairman-Dr%20R%20H%20Patil.pdf) 5. RBI. (Sep 21, 2007). Report of The Working Group on Preparing Guidelines for Access to Payment Systems (Chairman - R. Gandhi). [pdf](RBI_Group-Committee_20070921_Report%20of%20The%20Working%20Group%20on%20Preparing%20Guidelines%20for%20Access%20to%20Payment%20Systems.pdf) 6. RBI. (May, 2013). Report of the Committee to Study the Feasibility of Implementation of Giro Based Payment System in India (Chairman-Shri G. Padmanabhan). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=701) | [pdf](RBI_Group-Committee_20130507_Report%20of%20the%20Committee%20to%20Study%20the%20Feasibility%20of%20Implementation%20of%20Giro%20Based%20Payment%20System%20in%20India%20(Chairman-Shri%20G.%20Padmanabhan).pdf) 7. RBI. (Feb, 2014). Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications (Chairman-Dr Anil Kumar Sharma). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=759) | [pdf](RBI_Group-Committee_20140207_%20Report%20of%20the%20Technical%20Committee%20on%20Enabling%20Public%20Key%20Infrastructure%20(PKI)%20in%20Payment%20System%20Applications%20(Chairman-Dr%20Anil%20Kumar%20Sharma).pdf) 8. RBI. Feb 8, 2018. Report of the Working Group on FinTech and Digital Banking. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=892) | [pdf](RBI_Group-Committee_20180208_Report%20of%20the%20Working%20Group%20on%20FinTech%20and%20Digital%20Banking.pdf) 9. RBI. (Jan 21, 2019). Policy Paper on Authorisation of New Retail Payment Systems. Reports. [pdf](RBI_Reports_20192101_Policy%20Paper%20on%20Authorisation%20of%20New%20Retail%20Payment%20Systems.pdf) 10. RBI. (May 17, 2019). Report of the High Level Committee on Deepening of Digital Payments (chairman-Nandan Nilekani). [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=922) | [pdf](RBI_Groups-Committee_20190517_Report%20of%20the%20High%20Level%20Committee%20on%20Deepening%20of%20Digital%20Payments_Chairman-Nandan%20Nilekani.pdf) [Mint Street Memos (MSM)](https://rbi.org.in/Scripts/MSM_MintStreetMemos.aspx) 1. RBI. From Cash to Non-cash and Cheque to Digital: The Unfolding Revolution in India’s Payment Systems.Mint Street Memo No. 07. [Link](](https://rbi.org.in/Scripts/MSM_MintStreetMemos7.aspx) | [PDF](RBI_MSM_20171124_Mint%20Street%20Memo%20No.%2007%20From%20Cash%20to%20Non-cash%20and%20Cheque%20to%20Digital-%20The%20Unfolding%20Revolution%20in%20India’s%20Payment%20Systems.pdf) ### [[Publications (Data Releases) & Research#Publications|Publications]] ^123 1. ==RBI. An overview of Payment and Settlement Systems. [Link](https://rbi.org.in/scripts/FS_Overview.aspx?fn=9)== 2. RBI. (Nov 2, 2007). Review of Payment and Settlement Systems in India 2006 - 2007. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/2/2007&SECID=22&SUBSECID=0) | [pdf](RBI_Reports_20071102_Review%20of%20Payment%20and%20Settlement%20Systems%20in%20India%202006%20-%202007.pdf) 3. RBI. (28 Nov, 2007). Report on Oversight of Payment Systems in India. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?FromDate=11/28/2007&SECID=22&SUBSECID=0) | [pdf 4. RBI. (2013). Regulation and Supervision of Financial Market Infrastructures regulated by RBI. Policy Document. [pdf](RBI_Policy%20Document_201307_Regulation%20and%20Supervision%20of%20Financial%20Market%20Infrastructures%20regulated%20by%20RBI.pdf) 1. RBI. (2020). Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs). [pdf 5. RBI. (Jan 10, 2020). National Strategy for Financial Inclusion (NSFI): 2019-2024. [pdf](RBI_Reports_20200110_National%20Strategy%20for%20Financial%20Inclusion%20(NSFI)-%202019-2024.pdf) | [Press Release](RBI_Press%20Release_20100110_National%20Strategy%20for%20Financial%20Inclusion%20(NSFI)-%202019-2024.pdf) 1. RBI. (Dec 1, 2025). National Strategy for Financial Inclusion (NSFI): 2025-2030. [pdf 6. **Payment and Settlement Systems in India: Vision** 1. RBI. Oct 04, 2002. Payment Systems Vision. [pdf](RBI_Reports_20021004_Payment%20Systems%20Vision_2002.pdf) 2. RBI. May 03, 2005. Payment Systems in India - Vision 2005-08. [Press Release](RBI_Press%20Release_20050503_RBI%20releases%20Vision%20Document%20for%20Payment%20and%20Settlement%20Systems.pdf) | [pdf](RBI_Reports_20050503_%20Payment%20Systems%20in%20India%20-%20Vision%202005-08.pdf) 3. RBI. Nov 12, 2009. Payment Systems in India - Vision 2009-12. [pdf](RBI_Reports_200911_Payment%20Systems%20in%20India%20-%20Vision%202009-12.pdf) 4. RBI. Oct 01, 2012. Payment Systems in India: Vision 2012-15. [pdf](RBI_20121001_Payment%20Systems%20in%20India-%20Vision%202012-15.pdf) 5. RBI. Jun 23, 2016. Payment and Settlement Systems in India: Vision-2018. [pdf](RBI_Reports_20160623_Payment%20and%20Settlement%20Systems%20in%20India-%20Vision-2018.pdf) 6. RBI. (May 15, 2019). Payment and Settlement Systems in India- Vision – 2019-2021. Occasional/Vision Document. [Press Release](RBI_Press%20Release_20190515_RBI%20publishes%20‘Payment%20and%20Settlement%20Systems%20in%20India-%20Vision%202019%20–%202021’.pdf) | [pdf](RBI_Occasional_Vision%20Document_20190515_Payment%20and%20Settlement%20Systems%20in%20India-%20Vision%20–%202019-2021.pdf) 7. RBI. (June 17, 2022). Payments Vision 2025. [pdf](RBI_Occasional_Vision%20Document_20220617_Payments%20Vision%202025.pdf) 7. RBI. (May 2019). Report of the High Level Committee on Deepening of Digital Payments. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=922) 8. RBI. (Aug 14, 2019). Drivers of Digital Payments: A Cross Country Study. RBI Bulletin-Aug 2019. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=18409) | [pdf](RBI_Monthly_Bulletin_Article_20190814_%20Drivers%20of%20Digital%20Payments-A%20Cross%20Country%20Study.pdf) 9. Benchmarking India’s Payment Systems 1. [June 4, 2019](RBI_Reports_20190604_Benchmarking%20India’s%20Payment%20Systems.pdf) 2. [July 1, 2022](RBI_Reports_20220701_Benchmarking%20India’s%20Payment%20Systems.pdf) 10. ==RBI. (Jul 29, 2024). Chapter III: Digitalisation and Payment Revolution in India. Report on Currency and Finance-2023-24 (*theme:India's Digital Revolution*). [pdf](RBI_Reports_20240729_Report%20on%20Currency%20and%20Finance%202023-24.pdf#page=103&selection=0,0,2,1)== 11. ==RBI. (Oct 23, 2025). Payment Systems Report (Half Yearly), June 2025. Half-Yearly Reports [pdf==](RBI_Half-Yearly_202512_Payment%20Systems%20Report,%20June%202025_Released-Oct%2023,%202025.pdf) 1. It is prepared for 6 months ending in June, and 6 months ending in December 2. The first report was released in Jan 27, 2025 for 6 months ending in Dec 2024 12. [Information](https://rbi.org.in/Scripts/FS_UsefulInfoCustomer.aspx?fn=9) useful to banks/FIS relating payment systems ### Others 1. PIB. (July 2025). India’s UPI Revolution. Explainer series. [pdf](PIB_Explainer_20250720_India’s%20UPI%20Revolution.pdf) [^1]: RBI. (Jan 21, 2019). Policy Paper on Authorisation of New Retail Payment Systems. Reports. [pdf](RBI_Reports_20192101_Policy%20Paper%20on%20Authorisation%20of%20New%20Retail%20Payment%20Systems.pdf) [^2]: Sanjay Malhotra. (Mar 10, 2025). Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1496)