We are now focusing on graduating to the Next-Gen RTGS system with enhanced liquidity saving features and faster and higher processing capabilities. RBI’s approach to responsible regulation 18. Having indicated what the Reserve Bank has done to modernize the payment and settlement systems, let me now move on to RBI’s approach towards being a “Responsible Regulator” in this area.
As we all know, the speed of globalization has been accelerating, especially in financial markets. This is clearly evidenced by the significant increase in foreign exchange transactions and international bond issues over the span of the past ten years. You will all agree that the rapid progress of information and communication technology has played a decisive role as the driving force behind globalization.