The report said that the relatively high level of cash in circulation offers scope for a higher level of digitisation of payments The Reserve Bank of India (RBI) on Tuesday released a report on Benchmarking India’s Payments Systems, which provides a comparative position of the payments ecosystem in India relative to comparable payments systems and usage trends in other major economies. The study found that India has a strong regulatory system and robust large value and retail payments structure, which have contributed to the rapid growth in the volume of transactions. There has been substantial growth in e-payments by the Centre and in digital infrastructure, in terms of mobile networks. The report, however, notes that India is required to take further efforts to bring down the volume of paper clearing and increase acceptance infrastructure to enhance digital payments. This echoes the targets of the RBI’s Payments Vision Report 2021 and recommendations of the Nandan Nilekani dee