See, among others, Cecchetti (2009) and Madigan (2009) for detailed discussions. For reasons of space, I will not recount the United Kingdom’s policy response in this area during the crisis. 28 Specifically, the Bank provided access to the largest broker-dealers subject to U.K. regulation and to central counterparties. See Carney (2014) and Bank of England (2015b).
The extent of digital penetration can be gauged from the fact that, each day on an average, the payment systems in India process more than 10 crore transactions of nearly INR 6 lakh crore. Today, digital payments account for around 97 per cent of daily payment system transactions in terms of volume.