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Summary: Framework for India’s new retail payments law proposed in report

Vidhi Centre for Legal Policy suggests a new retail payments law that keeps up with the changing payments landscape in India.

“Policy objectives of the Payment and Settlement Systems Act, 2007, (PSS Act) do not align with the requirements of a modern retail payments law,” read the latest report by the Vidhi Centre for Legal Policy. The report points out that the law focuses on issues related to supervisory powers of the Reserve Bank of India (RBI) from a systemic point of view but fails to touch upon key enablers for the proliferation of retail digital payments such as consumer protection and promotion of competition and innovation.  The report, which has been reviewed by MediaNama, contends that India needs to “reassess the PSS Act taking into account the developments in the retail payments sector since its enactment and the future of digital payments in India”.  [...] argues for a modern retail payment services law in India that is built on the principles of proportionate regulation and balances regulatory flexibility with well-established statutory mandates that can promote competition, innovation and consumer protection. — Vidhi report The Digital Payments Index launched by the RBI shows an increase in the adoption of digital payments across India in recent years. Thus, the policy objectives governing the future of the retail payments industry have to keep up with the changing times.  What would the skeletal framework of a new law look like? Vidhi’s report touches upon the Committee on Digital Payments and the Inter-Ministerial Committee's recommendation on creating a new regulator for payment systems known as the Payments Regulatory Board (PRB); the PRB will not be a…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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