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Inaugural address delivered by Mr H R Khan, Deputy Governor of the Reserve Bank of India, at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organised by the Reserve Bank of India, New Delhi, 14 February 2013 |
..............Although the urge for replicating the successful payment systems of other countries in one’s own country is very high, it is necessary to customize the processes and products as per the suitability to the country keeping in view particularly the socio-economic and cultural distinctiveness and the regulatory and institutional aspects Regulators need to assess effectiveness of different payment products in their jurisdictions by the authorized entities to ensure that they suit the needs of the common people, the complexities are understood by them and they have inbuilt provision for consumer protection.........
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