Date:May 24,2023.
| 0 to 3.00 lakhs. | Nil. |
| 3 to 6.00 lakhs. | 5% |
| 6 to 9.00 lakhs. | 10% |
| 9 to 12.00 lakhs. | 15% |
| 12 to 15.00 lakhs. | 20% |
| Above 15 lakhs | 30% |
| 0 to 3.00 lakhs. | Nil. |
| 3 to 6.00 lakhs. | 5% |
| 6 to 9.00 lakhs. | 10% |
| 9 to 12.00 lakhs. | 15% |
| 12 to 15.00 lakhs. | 20% |
| Above 15 lakhs | 30% |
The current Vision document builds on the Payments Vision 2019-21 document and outlines the thought process for the period up to December 2025. It may not necessarily be constrained by what the Payments Vision documents. For instance, recent developments in terms of (a) establishment of Reserve Bank Innovation Hub; (b) framework for security of card transactions like switch on / off facility; (c) guidelines on limiting customer liability in case of unauthorised transactions using Prepaid Payment Instruments (PPIs); (d) enabling Online Dispute Resolution (ODR) for digital payments;
The Payments Vision 2021 had envisaged to empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable, and had set four goalposts of Competition, Cost, Convenience and Confidence with 36 specific action points and 12 expected outcomes.
The Payments Vision 2025 promises to further elevate our payment systems towards a realm of empowering users with affordable payment options accessible anytime and anywhere with convenience**
The Payments Vision 2025 document is presented across the five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation..
Goalposts for Payments Vision 2025 --
Cash Reserve Ratio (CRR) :CRR is the portion of the deposits (total demand and time liabilities ) of a bank to be kept as cash reserve. The banks can maintain the cash reserve in the form of cash with the bank itself or credit balance in its account maintained with RBI It is a statutory requirement.
Statutory Liquidity Ratio (SLR) : SLR is the portion of deposits ( net demand and time liabilities )of a bank to be maintained as cash, gold or approved securities.
Repo Rate: Repo Rate is the rate at which banks can borrow money from RBI against listed securities with agreement to repurchase the securities at a specified future date from RBI.
Reverse Repo Rate :Reverse Repo Rate is exactly the opposite of the Repo Rate .Banks can park their funds with RBI to take advantage of the higher Reverse Repo Rate.
Bank Rate:Bank Rate is the rate at which commercial banks can borrow money from RBI. The Bank Rate movement indicates the long term health of the economy. Upward revision of Bank Rate will make funds costlier for banks which may result in banks raising their lending rates.
For further readings please follow the links :
Cash Reserve Ratio (CRR) revised
Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions - 2021
1.1 For borrowers, where the aggregate exposure3 of the banking system is less than ₹5 crore, banks can open current accounts without any restrictions placed vide this circular subject to obtaining an undertaking from such customers that they (the borrowers) shall inform the bank(s), if and when the credit facilities availed by them from the banking system becomes ₹5 crore or more.
1.2 Where the aggregate exposure of the banking system is ₹5 crore or more:
1.2.1 Borrowers can open current accounts with any one of the banks with which it has CC/OD facility, provided that the bank has at least 10 per cent of the aggregate exposure of the banking system to that borrower. In case none of the lenders has at least 10 per cent of the aggregate exposure, the bank having the highest exposure among CC/OD providing banks may open current accounts.
1.2.2 Other lending banks may open only collection accounts subject to the condition that funds deposited in such collection accounts will be remitted within two working days of receiving such funds, to the CC/OD account maintained with the above-mentioned bank (para 1.2.1) maintaining current accounts for the borrower. The balances in such collection accounts shall not be used for repayment of any credit facilities provided by the bank, or as collateral/ margin for availing any fund or non-fund based credit facilities. However, banks maintaining collection accounts are permitted to debit fees/ charges from such accounts before transferring funds to CC/OD account.
1.2.3 Non-lending banks are not permitted to open current/ collection accounts.
Read more from RBI Circular