Keynote address by Mr G Padmanabhan, Executive Director of the Reserve Bank of India, at the GM/CIOs Conference of the Institute for Development & Research in Banking Technology (IDRBT), Hyderabad, 17 December 2012
....Take the case of payment systems, an area which I am familiar with and where technology has brought in a sea-change. Till 1990s, one could make payments in this country through two predominant means – cash and cheque. Today, a tech-savvy customer is empowered to choose a desired service from slew of products – card payments, NEFT transfer, RTGS transfer, ECS/NECS payments, mobile payments etc. Further, after using any of these payment methods, the first instrument he turns to is his mobile phone for confirmatory messages, a feature unique to India. What would you imagine as the future scenario? ........
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