I am so pleased with the progress made toward instant payments under the leadership of Vice Chair Brainard and Chair Powell, and I am looking forward to doing whatever I can to support this work, including the launch of the FedNow Service. The Federal Reserve has a responsibility to facilitate payments that work well for everyone, and we are committed to doing so.
Another measure of credit intensity is the ratio of bank credit to the GSDP which is low in the State compared to all-India level indicating the need for further credit expansion (Chart 11). Not only is the overall C-D ratio low but also there is considerable variability across districts (Chart 12).