The Reserve Bank has also permitted PPI issuers, card networks and WLA operators to participate in Centralised Payment Systems (i.e. RTGS and NEFT) as direct members, thereby enhancing accessibility of payments infrastructure and providing avenues for reducing intermediaries. Even in TReDS, many enhancements, like insurance facility, commencement of secondary market operations and modification in eligibility criteria to participate as financier, have been announced.
The role of central banks  Central banks assume a crucial role when market liquidity dries up and funding constraints cast doubt on the solidity and safety of financial institutions. Central banks have to prevent or limit systemic risks. In essence this entails addressing adverse dynamics and preventing the collapse of financial intermediation.