As you are aware, the Reserve Bank of India is in an advanced stage of adoption and implementation of ISO 20022 in its Next Gen RTGS. We have adopted this standard as this is based on Extensible Markup Language (XML), a technical solution that constructs a document according to certain rules and makes it legible for both computers and end users.
The path to a more open, competitive, efficient, and humane economy will surely be bumpy in the years to come. But, in the short term, there is much low-hanging fruit to be plucked. For instance, we are committed to developing our financial system, and carefully expanding access to finance can be a source of tremendous growth in the years to come.