Implementing 24 principles and five responsibilities in their true spirit is a challenge before the FMIs and the regulators in terms of enabling legal provisions, availability of infrastructure, management of risks, cost for putting in place default handling mechanism and effective system of oversight of FMIs. All these responsibilities require resources, both financial and human, in the central banks, FMIs and other regulators.
This Seminar is part of the initiatives of RBI for capacity building in this critical area. 2  BIS central bankers’ speeches  Challenges in Retail Payment Systems The Retail Payment Systems today is dominated by continuous innovations aided by breakthroughs in technology.