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RBI releases 'Vision 2021'- How it will impact digital transactions?

ETV Bharat Business News

RBI disclosed their 2021 vision - sharing a plan for 2021 where they have to say that the online transactions for the following years will increase to 400% compared to 2018. According to the report of ETV Business News, after RBI releases "vision 2021", in 2018, the online transactions were numbered as 2029 crores, and that is going to increase to around 8000 crores and even more in the coming years, by the end of 2021 December.

Based on that report, ETV Bharat Business News states that RBI has taken a 36 pointed agenda to be installed in financials of Indian money market, most of which will be based on the security aspect of the transactions and the rest will be based on the activity of the other players, who will be introducing themselves in the coming years.

ETV Business News also states that according to the report of RBI, the number of IMPS increased a lot in the last year by 100% and the number of NEFT has decreased a lot by at least 40%. The statistic shows that the awareness of online transactions is increasing day-by-day among the users, and that is the factor that is making the greatest sense and alarm for the RBI.

Economy news states that more the number of online transactions, more will be the chance of induction of the cybercriminals into the matter and more their interpretations, more will be the risk in the matter. As a matter of concern, as the RBI releases "vision 2021", it is clear that special attention will be given to online transactional security. Special customer care units will be opened so that the transaction makers can be backed up and made educated more with the risks and how to overcome the risks, related to online transactions.

The 36 agendas from RBI clearly states that there will be special allowances on the payment wallets so that the transactions makers, using those mediums can do their transactions freely. However, whether there will be any decrease of the charges there or not has not been mentioned in the agendas – so the confusion prevails.

It is presumed by many that the online transactions over smartphones, PCs, and ATMs are going to become easier. It is expected the vision will further simplify the wallet functions in bank applications, and make it simpler for people across the country to use the application without hassle. According to the Economy News, too much ease in the transactions might decrease the craze in making the transactions.

However, from RBI's perspective, there are no declarations pointed out in that direction. The pinpoint of the entire thing is to enhance the service level, to enhance the security aspect and a straight indication that the percentage of the online transactions is sure to reach the 9000 crore marks at the end of 2021. How much that is good news for the different agencies and the banks will be understood as time will move on only.
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