How do we at RBI seek to address these challenges? RBI plays a dual role - as a developer of the financial system as well as a regulator. Its regulation is premised on three principles. First, innovation is to be encouraged. Second, innovation should be assimilated in the financial system in a non-disruptive manner.
And third, the course of digitisation should at every step ensure customer protection. Encouraging Innovation 6. In the payment space RBI has played a role that is well recognised. Introduction of RTGS, NEFT, CTS have been achieved with its own initiative. Extending RTGS and NEFT to 24x7 has opened up scope for the growth and internationalisation of financial markets.