Elimination of paper-based reporting system Under the present system, it is a government requirement that all deposits in the government account should be accompanied by an appropriate challan. The challans are in multiple copies, different shapes and sizes. This requirement of the government has constrained the process of electronic banking in government business.
When I got the enquiry on my willingness to be a panelist on “The Relevance of Competition and Monetary Policy for Financial Stability” for the Per Jacobsson Foundation lecture this year, I initially felt that the topic of the lecture was rather unconventional. But on deeper reflection, the significance struck me immensely.