The Reserve Bank of India has unveiled its ‘Payments Vision 2028’

Current Context: On March 27, 2026, the Reserve Bank of India (RBI) unveiled Payments Vision 2028 titled “Shaping India’s Payment Frontier”, a roadmap till December 2028.

• The focus shifts from building infrastructure (UPI, RTGS) to deepening user trust, fraud prevention, and global competitiveness.
• A new “Off Switch” will let users disable any payment mode (UPI, IMPS, cards) in real time, reducing fraud risk.
• Payments Switching Service (PaSS) introduces bank account portability, migrating EMIs, SIPs, and mandates seamlessly when changing banks.
• A Shared Responsibility Framework will make both sender and recipient banks liable in fraud cases, ensuring stricter monitoring of mule accounts.
• Other initiatives include electronic cheques (e‑cheques), regulatory expansion to e‑commerce platforms, AI‑led supervision, and cross‑border payment reforms to aid MSMEs.

Question:

Q.1 Regulatory expansion under Payments Vision 2028 includes bringing which entities under stricter oversight?
a) Stock brokers
b) E-commerce platforms
c) Mutual funds
d) Insurance companies

Answer: b) With growing online payments, RBI aims to regulate payment flows in e-commerce ecosystems.