Today, more than at any time in the past, we are at a critical point as regards central banks’ policies in payments: -Technology in this area is evolving fast, faster than ever; -innovation and transformation are the norm, not the exception; -the universe of players and actors in the payment industry has become vast and diverse; -and different industries (beyond the financial sector) are striving for a role in the payments landscape.
Use of judicial channels should not be too prolific and frequent; instead, these should be used to foster better borrower protection rather than to undermine the credit discipline in banks. Any lenderborrower relationship can only survive on mutual trust and co-operation; breach of trust can ultimately become either an offence (under criminal law) or a civil wrong thereby defeating the credit system in India.