•  Leveraging on the high mobile density in the country, mobile banking services are being encouraged through interoperable USSD channel like *99# and the Unified Payments Interface (UPI) provided by National Payments Corporation of India (NPCI). I am especially enthused by UPI, as smartphones become more widely available.
In parallel, the ECB has launched an initiative to produce an overnight interest rate based on data already available to the Eurosystem under the Money Market Statistical Reporting Regulation. Let me elaborate. The ECB rate is designed to provide a backstop to the existing overnight benchmark, but the working group can also consider it as a candidate for a fallback rate.