A Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), was constituted in March 2005, also as a Committee of the Central Board of the Reserve Bank, and has been entrusted with the responsibility for the smooth development and functioning of the payment and settlement systems in India. Regulatory response – post crisis 39.
The entrepreneurial application of technology in new areas and employees skilled in the use of new practices and equipment are also key elements in this process. But because we are going through a period of major change in applied technology, the spotlight is naturally on investments in technology and on the need to intensify our efforts on this front.