Further, with the increase in income, real consumption expenditure has grown significantly. Recently released key results of the NSSO 68th round survey (2011–12) on household consumption expenditure indicate that real per capita consumption expenditure in rural areas increased at an average rate of 8.7 per cent during 2009–12 as compared with 1.4 per cent during 2004–09.
Recognizing that consumers and businesses across the country want and expect real-time payments, and the banks they trust should be able to provide this service securely, this summer, the Federal Reserve announced that it is building its first new payments rail in more than forty years—the FedNow Service.