The financial sector is forever in a flux, and the challenge for regulators is to keep pace with those rapid changes. Regulators should be knowledgeable, and this means they should realize that they are always on a learning curve. Regulators should encourage innovators to push the envelope, but should always ensure that the envelope remains sturdy and strong.
Glossary of acronyms AEPS  Aadhaar Enabled Payment System  APBS  Aadhaar Payment Bridge System  AML  Anti Money Laundering  ATM  Automated Teller Machine  CBLO  Collaterlised Borrowing and Lending Obligation  CCIL  Clearing Corporation of India Ltd.  CCP  Central Counterparty  CDS  Credit Default Swap  CTS  Cheque Truncation System  ECS  Electronic Clearing Services  EFT  Electronic Funds Transfer  EMV  Europay-MasterCard-VISA  GDP  Gross Domestic Product  IDRBT  Institute for Development and Research in Banking Technology  IMPS  Interbank Mobile Payment System  INFINET  Indian Financial Network  IRS  Interest Rate Swaps  KYC  Know Your Customer  MDR  Merchant Discount Rate  MICR  Magnetic Ink Character Recognition  MNO  Mobile Network Operator  NECS  National Electronic Clearing Services  NEFT  National Electronic Funds Transfer System  NPCI  National Payments Corporation of India Ltd.  OTC  Over the Counter  PIN  Personal Identification Number  PoS  Point of Sale  BIS central bankers’ speeches  9  PSS Act  Payment and Settlement Systems Act  RTGS  Real Time Gross Settlement System  UID  Unique Identification  UIDAI  Unique Identification Authority of India  WLA  White Label ATM  10  BIS central bankers’ speeches