Current Affairs - Banking - Discussion

Reserve Bank of India on May 15 released a vision document, 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of Empowering Exceptional (E) payment Experience that aims to achieve a highly digital and cash-lite society. It mainly targets to Increase digital payment transaction of GDP by 15%, Increase payment system operators, fourfold increase in digital transactions, Reduce currency in circulation with no specific target, Reduce the volume of cheque-based payments to less than 2%.