Payment Systems in India-Vision 2009-12

Payment Systems in India-Vision 2009-12

Part I 

Background:

Reserve Bank of India till date has published two Vision Documents on Payments Systems in India.

The first was published in 2001, and the second one in May 2005.

The Third Draft Vision on Payment Systems in India was released on 12/11/2009, by Reserve Bank of India.

This means a Vision Document every 3 years can be expected.

What is a Vision Document?

The term Vision Document is borrowed from the IT Industry, and now it is a widely used tool across all spectrums of life.

A good Vision Document communicates the fundamental "why and what" for the project and is a gauge against which all future decisions should be validated.

A vision document generally contains:

§                     Introduction

§                     Business Needs/Requirements

§                     Product/Solution Overview

§                     Major Features (Optional)

§                     Scope & Limitations

§                     Other Needs

In this aspect, Reserve Bank of India, not only released the Vision Document but also released the Accomplishments Vs statements document.

The Accomplishments Vs statements Document for Vision 2005-08 of Payments Systems in India, can be accessed @

http://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=575