The RBI is preparing to make big changes, this new rule is going to be implemented soon

New delhi date. Friday 23 October 2020

The Reserve Bank of India (RBI) on Thursday said that all payment operators will have to adopt the Interoperable Quick Response Code (Interoperable QR Code) by March 2022. The RBI's order means shifting payment system operators to one such QR code system. Which can also be scanned by other payment operators.

The deadline to implement this process is March 31, 2022. A committee headed by Professor Deepak Pathak had suggested changes in the interoperable QR codes in the next two years. There are currently three types of QR codes in the country. These are Bharat QR, UPI QR and Proprietary QR codes. UPI QR and Bharat QR will continue as before.

An official statement issued by the central bank said payment system operators would have to take initiatives to spread awareness about interoperable QR codes. This suggestion of the Pathak Committee will help in strengthening the payment infrastructure. The interoperability will be convenient for the general public and the payment system will be better than before.

The committee was formed in December last year

It may be mentioned that the Central Bank constituted a committee on 23 December 2019, the chairmanship of which was handed over to DB Pathak. The committee was tasked with reviewing the current QR code system and making appropriate suggestions so that the interoperable QR code system could be implemented.

The committee then submitted its report to the RBI. The report was published on the RBI's official website for public comments and feedback. In July, the committee recommended that incentives be given to promote transactions through the QR code.

Emphasis on self-regulatory organization

The RBI has also developed a regulatory framework for it to operate different types of payment systems in the country. The central bank also emphasized the need to promote the establishment of self-regulatory bodies for payment system operators. There are self-regulatory bodies which formulate rules and standards for their member units on an industry basis. At the same time, the organization protects the interests of the customers.