What could be the possible impact of less than orderly adjustment of global imbalances on the Indian economy? India does not depend on the international capital market for financing the fiscal deficit and consequently to some extent adverse consequences of the global developments would be muted.
In its role as service provider, the Federal Reserve will continue to promote the efficiency of the nation’s payments system. The Reserve Banks are now pricing their check services to encourage the greater use of electronic check products relative to paper check products.