Ladies and Gentleman this ensures any bank card can be used at any EFTPOS machine at any supermarket, service station or any retail outlet in the country. An important component of this initiative is ensuring interchange fees are affordable and properly disclosed by the banks and the Reserve Bank will be monitoring this closely.
Developments in the banking industry Let me now touch on other developments involving the banking industry. Local Advisory Boards The Reserve Bank has been working closely with the banks, to ensure alignment and greater focus. In 2009, a Local Advisory Board (LAB) policy was issued by the RBF.