Question : A report named "Payments Vision 2025 " is released by which institution?
Option 1: Ministry of Finance
Option 2: NITI Aayog
Option 3: Reserve Bank of India
Option 4: Ministry of Corporate Affairs
Correct Answer: Reserve Bank of India
Solution : The correct answer is the Reserve Bank of India.
The Reserve Bank of India (RBI) has recently unveiled its "Payments Vision 2025," aligning with India's initiatives and G-20 focus on improving cross-border payments. The vision addresses key challenges such as cost, speed, access, and transparency. Notably, it emphasizes the ring-fencing of domestic payment systems to mitigate emerging geopolitical risks by mandating domestic processing of payment transactions. The overarching theme is 'E-Payments for Everyone, Everywhere, Everytime' (4Es), aiming to offer secure, fast, convenient, and affordable e-payment options to all users.
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