We have already permitted transfer of funds from a fully KYC compliant PPI issued by a non-bank authorised entity to a bank account through the sponsor bank route riding over the banks membership with NFS, NPCI. Why is such a fund transfer not picking up? In our vision document we have discussed about the need for collaboration and co-operation between payment system operators.
Moreover, cross-checking between multilateral and bilateral surveillance should help promote policies at the national level that are consistent with other domestic policies as well as global adjustment within the international monetary system. In the context of this ongoing monitoring, which enables the IMF to combine its cross-country and cross-regional experience, I would see a clear merit in the Fund distilling national best practices.