There's a lot of things that the RBI is doing that the US will do shortly. For example the Chip-n-Pin implementation in India (and Europe) will soon be adopted

There's a lot of things that the RBI is doing that the US will do shortly. For example the Chip-n-Pin implementation in India (and Europe) will soon be adopted in the US By Oct 2015. We have an additional liability requirement (I wont call it safety, since what it essentially does is pass on liability) of Two-Factor auth for online payments as well - which means that most Indian credit cards work only with some difficulty on international ecommerce sites. That said, the RBI has been progressive in P2P payments - for example a lot of people do not know about IMPS (Immediate Payment Service) which takes place over phone SMS to transfer money instantly ... without needing a smartphone. I think the RBI is fairly intelligent in understanding payments, and is trying to learn from the mistakes made elsewhere. I feel this pain particularly accurately since my startup (shameless plug: RedCarpetUp.com) is trying to disrupt offline payments and trying to build an "Uber-like" wallet for hyperlocal retail. We have had to overcome serious regulatory challenges, but still have some way to go.