Excellence in Retail Payments 7. Retail payments have grown by nearly 45 per cent in volume and 30 per cent by value during 2017-18. Retail payment systems in India are characterised by large volumes and this makes it necessary that the systems are available whenever and wherever they are required.
As Regulator, we also look to the internal audit function to provide us with evidence of action taken to improve the control framework and mitigate risk. At this stage I would like to risk a comment, again from the vantage point of the Regulator, on how well our Audit profession seems to be matching up to its onerous responsibilities.