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The Advantages of the Retail Payment System in India

The retail payment system in India is made up of paper-based payment methods and electronic systems. India has more than 1,047 clearing houses that make up a dominant portion of the retail payment system.

  1. Standards

    • The payment system India uses emphasizes safe, secure, sound and efficient payment methods which match international standards. The Reserve Bank of India (RBI) regulates the methods used by banks and clearing houses to keep the standards of banking high.

    Process

    • The RBI designed a single umbrella organization to handle clearings of transactions for all banks. All Indian banks would use the same organization to handle transaction clearings. All clearing houses have the same procedures, techniques and standards.

    Objectives

    • This umbrella organization serves many objectives, offering advantages to the retail payment system. It developed consistent standards and procedures for clearing and settlement processes and also promotes advanced technology, helps avoid fraud and is designed to reduce the amount of paper transactions in the future.

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