There are no reliable estimates of what it costs to remit money through informal channels, especially to and from remote locations; however, anecdotal evidence suggests that informal channel remittances can cost several multiples of costs through the banking system. RBI as facilitator of innovation in payment systems 28.
Let me now move on to our third role – as facilitator of innovation in payment systems. Responsible regulation must also involve facilitating value adding innovation. Let me give an account of what we have done towards this endeavour. Calibrated approach towards introduction of new payment products 29.