RBI Payments Vision 2028: Towards Seamless Bank Account Portability

Payments Vision 2028: Shaping India's Payment Frontier

The Reserve Bank of India (RBI) has released the Payments Vision 2028 document, outlining the strategic roadmap for the nation's payment ecosystem until December 2028. The core theme is “Shaping India's Payment Frontier,” focusing on trust, consumer control, and global leadership in digital transactions.

Bank Account Portability and PaSS

The most revolutionary proposal is the introduction of Bank Account Portability through the Payments Switching Service (PaSS). This allows customers to switch from one bank to another without the hassle of manually updating their linked payment instructions.

• Seamless Migration: PaSS acts as a centralized interface where customers can view all active payment mandates (Salary credits, EMI debits, utility bills, and SIPs) and migrate them to a new bank account in bulk.


• No Disruption: It eliminates the risk of missed payments or penalties during the switching process, essentially functioning like Mobile Number Portability (MNP) for the banking sector.

Other Strategic Goals

• Cross-Border Payments: Aligning with G20 goals to make international money transfers faster, cheaper, and more transparent.


• Cyber Risk Monitoring: Introducing the Cyber Key Risk Indicators (CKRI) framework for non-bank payment system operators to tackle digital frauds.
• Shared Responsibility: A new liability framework where both the payer’s and recipient’s banks share responsibility for unauthorized transactions.

For TNPSC and Civil Services aspirants, this is a key study point under "Indian Economy" and "Banking Reforms," illustrating the evolution of India's fintech infrastructure.