CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.

Detailed explanation-2: -In June 2022, the Department of Payment and Settlement Systems, the Reserve Bank of India (RBI) released the Payments Vision 2025 document.

Detailed explanation-3: -The Payments Vision 2025 promises to further elevate our payment systems towards a realm of empowering users with affordable payment options accessible anytime and anywhere with convenience.

Detailed explanation-4: -Through initiatives such as UPI, the RBI has democratised payments within India. With the 2025 vision, payments will be available for ‘Everyone, Everywhere, Every time’, giving global reach to Indian payment systems, making them safe, secure, fast, convenient, and affordable.

Detailed explanation-5: -The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.