In the rest of my speech, I will dwell upon some specific features of financial markets in India which can pose challenges for effective benchmark development and administration and which we will all need to be cognisant and watchful about. Money markets 11. Consider the overnight money market in India.
Recently on December 16, 2019, we rolled out the 24x7x365 NEFT facility. With this, India has joined an elite club of a handful of countries having payment systems that ensure round the clock funds transfer and settlement on real time basis. For ease of settlement, RBI has also enabled liquidity support facility on 24x7 basis to participating banks.