First, they claim that the risks to price stability in the current environment are not acute, that inflation rates are low and inflation expectations are still firmly anchored. Second, they warn that rapid consolidation in these countries would set off a cyclical downward spiral – they would “save themselves to death”, as it were.
Over the years our payment systems have evolved and now we have multiple systems available round the clock facilitating instant payments. India's payment systems are talked about globally and several countries have shown interest to replicate India's success story. 3. It is a matter of pride that payment systems in India have witnessed over 1000 crore transactions every month since December 2022.