As I said earlier, the Payment and Settlement Systems Act, 2007 accorded statutory regulatory powers to the Reserve Bank. Even as we are the regulator, we continue to be the large value payments system operator given the systemic and financial stability issues involved.
But our effort is now focused more towards encouraging banks and authorized private entities to increasingly take over the retail payment space. I will tell you about a few important things we have done in that direction. Think global, act local 19. The Reserve Bank’s strategy has been quintessentially “think global, act local”.