Reserve Bank of India (RBI) releases Payments Vision 2028 themed 'Shaping India’s Payment Frontier'.

Key facts

• Reserve Bank of India (RBI) released Payments Vision 2028 on 27 March 2026.
• Vision 2028 targets full interoperability across Trade Receivables Discounting Systems (TReDS) and expands receivables financing to export MSMEs.
• Payments Switching Service (PaSS) is proposed to let customers migrate payment instructions when switching bank accounts.
• RBI plans an enable/disable facility for all digital payment modes and a shared liability framework covering issuer and beneficiary banks for unauthorised transactions.
• Cyber Key Risk Indicators (KRI) framework will be introduced for non-bank Payment System Operators.
• Cheque design and security standards will be reviewed and electronic cheques will be explored.
• Single-window authorisation under Payment and Settlement Systems Act and FEMA is being examined for cross-border payments.
• Small Payment System Providers (SPSPs) will be recognised under a perpetual regulatory sandbox.