It is our hope that regulation in this context is not viewed as a hindrance, particularly since it is necessary to engender trust and confidence among financial market participants and to build resilience. In the early 2000s, our Central Bank advanced its real-time gross settlement (RTGS) payment system and the Automated Clearing House, which are critical pillars of our market infrastructure.
Let me conclude by thanking Dr. S.K. Rao and Dr. MahendraDev for inviting me to join this intellectual feast. I have great pleasure in inaugurating the seminar and look forward to hearing the luminaries like Dr. Arjun Sengupta, Dr. Yogender Alagh and Dr. R. Radhakrishna. Thank you. BIS Review 68/2004  3