.......The Nayak panel has said that 'regulatory bias' to nudge payment systems towards banks must be resisted and entities like the National Payments Corporation of India must not end up being a 'monopoly by-design.' On RBI's role, the panel has said that RBI cannot be a payment regulator while running payment systems like real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) which must be spun out of the central bank's domain. Moreover, it has suggested amendments to the Payment and Settlement Systems law of 2007 so that the board within RBI for regulation and supervision of payments can also include representatives from technology firms and banks that are familiar with the latest technologies. ........
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