The Reserve Bank of India (RBI) has proposed to set up a self-regulatory organisation (SRO) by April 2020 to improve security, customer protection and pricing in India's digital payment system, reports The Economic Times.
As per the RBI document, "The SRO will serve as a two-way communication channel between the players and the regulator/supervisor."
The SRO, once operational, can improve security of digital transactions and rationalise fees paid by the consumer for digital payments.
In the policy statement today, RBI also announced establishing a 'Digital Payment Index'. The Reserve Bank shall construct and periodically publish a composite "Digital Payments Index" (DPI) to capture the extent of digitisation of payments effectively. The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes. The DPI will be made available from July 2020 onwards."