However, it paved the way for the introduction of large-scale asset purchases in many economies as well as quantitative and qualitative monetary easing (QQE) in Japan, which I will explain later, as it set not interest rates but quantity as the operating target.
I am very glad that the National Payments Corporation of India (NPCI) established in 2009 footed the bill in perfect unison and has now emerged as the prime engine chugging ahead in the retail payment systems. NPCI is working closely with the banking community and payments technology industry at large and is at the forefront of digitizing the payments while also providing for interoperability.