An Insight into Indian Payment and Settlement Systems

Authors

  • Battula Vijay Kiran Research Scholar, Department of Commerce & Management studies, Andhra University, Visakhapatnam, A.P., India https://orcid.org/0000-0001-5452-4449
  • A. Narasimha Rao Professor, Department of Commerce & Management studies, Andhra University, Visakhapatnam, A.P., India

DOI:

https://doi.org/10.53983/ijmds.v13n5.003

Keywords:

Digital payments, financial inclusion, Regulatory reforms, Technological advancements, Payment infrastructure

Abstract

This review article explores the evolution, current state, and future prospects of India's payment and settlement systems. Over the past few decades, these systems have undergone significant transformations driven by technological advancements, regulatory reforms, and the burgeoning demand for efficient financial transactions. The article examines the diverse instruments and platforms that constitute India's payment infrastructure, highlighting the pivotal role of regulatory bodies in shaping its development. Furthermore, it discusses the profound impact of digital innovation on enhancing financial inclusion and accessibility. This review aims to provide a nuanced understanding of how India's payment and settlement systems have evolved to support a robust financial ecosystem.

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Author Biographies

Battula Vijay Kiran, Research Scholar, Department of Commerce & Management studies, Andhra University, Visakhapatnam, A.P., India

Battula Vijay Kiran received his Bachelor of Technology in Electronics & Communication Engineering and Master of Technology in Systems & Signal Processing. He also holds a Master of Business Administration in Banking Financial Services. He is currently a research scholar in the Department of Commerce and Management Studies at Andhra University, India.

A. Narasimha Rao, Professor, Department of Commerce & Management studies, Andhra University, Visakhapatnam, A.P., India

Professor A. Narasimha Rao is a distinguished faculty member in the Department of Commerce and Management Studies at Andhra University, India.

References

Bank for International Settlements. (2023). Payment and settlement systems. Retrieved from https://www.bis.org/topics/payment_systems.htm

Bech, M. L., & Hancock, J. (2020). Innovations in payments. BIS Quarterly Review, March 2020. Retrieved from https://www.bis.org/publ/qtrpdf/r_qt2003f.htm

Clearing Corporation of India Ltd. (2023). About CCIL. Retrieved from https://www.ccilindia.com/about_us/Pages/default.aspx

Institute for Development and Research in Banking Technology. (2023). INFINET. Retrieved from https://www.idrbt.ac.in/infinet.html

National Payments Corporation of India. (2023). NPCI products. Retrieved from https://www.npci.org.in/product-overview

Reserve Bank of India. (2007). Payment and Settlement Systems Act, 2007. Retrieved from https://www.rbi.org.in/Scripts/BS_ViewAct.aspx?Id=2538

Reserve Bank of India. (2020). Payment and Settlement Systems in India: Vision 2019-2021. Retrieved from https://www.rbi.org.in/Scripts/PublicationVisionDocuments.aspx?Id=921

Reserve Bank of India. (2023). About us: Department of Payment and Settlement Systems. Retrieved from https://www.rbi.org.in/Scripts/AboutusDisplay.aspx?pg=Departments.htm

Reserve Bank of India. (2023). Payment and settlement systems. Retrieved from https://www.rbi.org.in/Scripts/PaymentSystems_UM.aspx

World Bank. (2022). The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington, DC: World Bank. Retrieved from https://globalfindex.worldbank.org/

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Published

31-05-2024

How to Cite

Battula, V. K., and A. N. Rao. “An Insight into Indian Payment and Settlement Systems”. International Journal of Management and Development Studies, vol. 13, no. 5, May 2024, pp. 34-51, doi:10.53983/ijmds.v13n5.003.

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Articles