1 Payment Systems in India The Continuing Agenda Vijay Chugh Chief General Manager Disclaimer: The views expressed here are those of the presenter and do not reflect the official views of the Reserve Bank. The
2 Why are CBs concerned about Payment Systems? Strengthens confidence in the financial system Contributes to effective functioning of fin. markets FINANCIAL STABILITY Payment Systems MONETARY STABILITY Reduces transn. costs Promotes efficient use of fin. resources ECONOMIC EFFICIENCY Helps in efficient transmission of monetary policy Facilitates credit intermediation 2
3 Phase Phase-I 1980s RBI s evolving role in PS Phase-II Phase-III 2012 onwards Role Operator Catalyst Limited Oversight Operator Catalyst Full fledged Oversight Operator of RPS???? Operator of LVPS Catalyst Overseer Focus Technology New products Institution building Consolidation New innovative products New Delivery channels Safety, security, efficiency, accessibility Financial inclusion Non-cash economy Convergence of products and channels Government payments Integration of payment systems Achievement/ Goal From manual to technology driven modern payment system Move towards centralised clearing Institution building Sound legal framework Adherence to international standards Orderly market growth All SIPS settle in CB money Retail - Ubiquitous, safe, efficient, accessible, affordable, inclusive payment and settlement system; Wholesale: safe and efficient FMIs International coop 3
4 Payment Systems Vision To proactively encourage electronic payment systems for ushering in a less-cash society in India.
5 Progress of PS Volume
6 Progress of PS - Value
7 Percentage of paper Cheque Volume: 42%; Value: 8%
8 Cash is still King Number of non-cash transaction per inhabitant (in a year) Brazil China INDIA Japan nav nav Korea Russia Saudi Arabia South Africa nav nav CPSS Challenge: Huge potential to tap Changing payment habits and creation of eco system for electronic payments
9 Concerns - Indian reality Predominantly a cash based economy Electronic transactions growing, but... Acceptance infrastructure like ATMs and PoS are growing but... Non banks payment system operators yet to make an impact Domestic remittances- huge informal corridors but formal channels yet to meet the huge potential Merchants - acceptance of e-payments not picking Government payments to electronic mode in slow motion WE NEED to quicly move up the Fit for the current purpose payment system infrastructure into a state of ready for future challenges system.
10 Various products to combat cash ECCS and CTS ECS suite and ACH (of NPCI) NEFT RTGS and Nxt Gen RTGS Card Payments Bank/Non Bank issued Mobile Banking Internet Security issues 2FA 10
11 Payments Pyramid in India Broad use of banking services Unbanked or under banked (minimal use of banking services) Use of credit and debit cards, cheques, money transfers, direct debit and direct credits Use of smart phones for mobile banking. Use of Internet banking Low income and rural, semiurban areas Financially excluded Extensive use of cash. Beneficiaries of social benefit schemes
12 Payment Systems Vision Mission Statement: To ensure payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards. Focus areas Promote inclusion through easy access to affordable payment products Promoting a less cash / less paper society - the green initiative Promote innovation - bouquet of cost efficient modern electronic payment products Build dexterity of payment systems through standardisation, interoperability, common infrastructure creation Compliance with international standards as a G-20 country 12
13 Vision : Salient features Efficiency enhancement in the payment systems Standardisation, portability and interoperability Development of infrastructure and integrated payment system Managing risks in payment systems Promote access and inclusion 13
14 Payment Infrastructure Infrastructure deployment in rural and semi-urban areas Policy initiatives Non-banks permitted to install WLAs (1 auth in-prin le.) Non-banks PPI issuers permitted to link to IMPS Access criteria to NFS and IMPS rationalised to permit RRBs, UCBs and co-operative banks to participate in these systems BCs interoperability and microatms standardisation In the pipeline White label PoS GIRO system for bill payments Linking non-bank payment systems to bank payment systems- creating a level playing filed 14
15 GIRO Payment 15
16 Identity and authentication ID/address and AML/CFT requirements Policy initiatives Aadhaar letter as proof of address and identity Aadhaar verification and authentication is already permitted for Aadhaar Based Payment Systems (ABPS) and Aadhaar Enabled Payment System (AEPS) respectively. E-KYC is permitted for banks and could be permitted for non bank payment system operators RBI is also examining the feasibility of using Aadhaar as second factor of authentication for card present transactions. 16
17 Other issues Safety and security of card transactions Chip and Pin and/or Aadhaar based Current vis-à-vis future need Slow seeding of Aadhaar in bank accounts Uneven progress in Aadhaar enrolment Customer protection for users of non-bank payment system operators to be streamlined Interoperability Interoperability of PPIs Interoperability of non-banks and inter-bank payment systems 17
18 Domestic remittances Despite relaxations, use of PPIs as well as the Domestic Money Transfer (DMT) scheme are not picking up as expected; PPIs issued by non-banks cannot be used for P2P remittances due to limitations on cash-out None of the payment products are aligned to meet the remittance need of unbanked population as presence of bank account is necessary at one end (either sender or receiver) at the minimum; A limited cash out in PPIs issued by non-banks would boost the usage of PPIs for remittance purpose, especially by unbanked / under-banked / migrant population. Study has indicated ease of CICO critical for adoption of e-payments Policy initiatives Pilot for permitting cash-out by non-bank PPI issuers using Aadhaar Key to success: KYC/AML issues; customer protection; and grievance 18 addressal; and oversight
19 Mobile Payments G2P P2P B2P Cash in Challenges: Lack of co-operation and collaboration amongst the banks and MNOs MNOs fear of revenue loss Customer adoption of mobile payments Mobile payment has also not picked up on account of lack of merchant acceptance infrastructure or a concerted effort to onboarding merchants NPCI s USSD platform yet to be endorsed by all MNOs P2P P2B Cash out Way forward Growing usage of mobile banking Growing usage of IMPS IMPS merchant payment module NPCI-MNOs co-operate to open USSD channel Study group on Encrypted SMS based payments Cash-in and cash-out by mobile wallet issuers
20 Co-ordination between Government and RBI Huge opportunity for moving all Government payments including EBTs/ DBTs There have been success stories but more can be achieved Huge potential to migrate Insurance industry premia; Property dealings and registration of property, Utility companies to provide for online payments; Housing societies, schools, private hospitals, railway ticket counters, could move to electronic modes of payments; Deployment of PoS in all government offices for cash, fees, tax etc; Point of purchase (PoP) machines and pre-paid cards at procurement centres ; Convenience fees/surcharge collected by public sector undertakings, utility companies could be done away with State governments could move to electronic platform for all vendor payments; Migration of government payments to electronic mode (online tax collection, EBT payments, benefit transfers, pension payments etc) Integrated urban transport cards including toll plaza. All parking spaces in urban areas could be asked to collect parking fee through cards. Merchants with annual turnover Rs. 5 lakh- to necessarily install PoS 20
21 Government could consider tax incentives Subsidise VAT / Service Tax for the products or services sold to domestic card holders. Encourage individuals to spend using Debit Cards by proposing special Income tax rates for the amount spent using debit cards for domestic transactions. Exempt import duties (existing structure 12% CVD(Countervailing Duty), 4% SAD (Special Additional Duty), Education and Higher Education Cess) for the import of Card POS terminals and Biometric POS terminals so that cost of such terminals can be reduced by 20%. Further deployment of PoS based on the number of cards issued (Government can push PSBs for deployment of PoS) 21
22 Challenges in the implementation of PFMIs : an oversight perspective
23 PFMIs Overview: Principles for Financial Markets Infrastructures (PFMI) How should authorities gear up to implement the PFMIs? What are the challenges in implementing the responsibilities?
24 Definition of FMI An FMI is defined as a multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling, or recording payments, securities, derivatives, or other financial transactions. FMIs typically establish a set of common rules and procedures for all participants, a technical infrastructure, and a specialised riskmanagement framework appropriate to the risks they incur. FMIs provide participants with centralised clearing, settlement, and recording of financial transactions among themselves or between each of them and a central party to allow for greater efficiency and reduced costs and risks.
25 How FMI failure impact financial stability? Potential for triggering systemic risk FMIs are critical nodes in networks Impact would be sever than participant failures Contagion effect due to inter-connectedness and links Credit losses Liquidity and collateral dislocation and scarcity FMI failure can result in further call for capital/financial resources from from members and aggravating members positions Market failures on account of lack of substitutability 25
26 Interdependencies among FMIs SEBI Regulated Systems / Markets RBI Regulated Systems / Markets CCP ICCL and NSCCL Corporate Bonds RBI - DAD Large Value Payment System RTGS System Retail / Deferred Net NEFT NECS MICR (in Mumbai) NPCI operated systems Depositories NSDL CDSL Funds settlement / Transfer Securities Settlement/Transfer CCP CCIL G-Sec (secondary) CBLO Forex (Rupee) RBI Primary Market LAF OMO Security Settlement System SSS and CSD
27 FMIs in India Share in terms of Volume Share in terms of Value
28 Moot point is CCPs also concentrate risk. If not properly managed, [CCPs] can be sources of financial shocks, such as liquidity dislocations and credit losses, or a major channel through which these shocks are transmitted across domestic and international financial markets. - Principles for Financial Market Infrastructure FMIs are much more complex The consequences of a failure by an FMI like CCP could be even more severe than the failure of a large participants 28
29 CPSS-IOSCO Principles for FMIs PFMIs - finalised and issued in April 2012 Harmonise existing standards Core principles for SIPS Recommendations for Security Settlement Systems Recommendations for central counterparties (CCPs) Strengthen existing standards Ensure consistent application Reinforce with disclosure framework and assessment methodology
30 24 PFMIs General Organisation 1. Legal basis 2. Governance 3. Framework for risk mgmt CSDs and exchange of value settlement systems 11. CSDs 12. Exchange of value settlements Access 18. Access & participation requirements 19. Tiered participation 20. FMI links Credit & Liquidity Risk 4. Credit risk 5. Collateral 6. Margin 7. Liquidity risk Default Management 13. Participant default rules 14. Segregation and portability Efficiency 21. Efficiency & effectiveness 22. Communication procedures and standards Settlement 8. Settlement finality 9. Money Settlements 10. Physical deliveries General business and Operation risk mgmt 15. General business risk 16. Custody and Investment risks 17. Operational risks Transparency 23. Disclosure of rules, key procedures & market data 24. Disclosure of market data by Trade Repositories
31 Liquidity Risk? Might not be paid in time Possible consequences Borrow money Borrow securities Sell assets Pay penalties for settlement failures
32 Credit Risk? Might not be ever paid Possible consequences Unwanted open position Replacement cost Loss of entire principal
33 Systemic Risk? One failure may trigger other failures Possible consequences Shortage in liquidity across markets Pressure of interest/exchange rates Large swing in asset prices Impact financial stability - That s why Central Banks care and hence the PFMIs to strengthen the FMIs
34 Why do CBs care? FMIs safety necessary for Financial System stability Transmission of monetary policy Functioning of Banks Functioning of the financial system Functioning of the macro-economy
35 Why do CBs care? Potential roles of the central bank Operator of payment systems Liquidity / credit provider : Intra day/over night Bank supervisor Catalyst / Collaborator for innovation System supervisor/overseer Setting policies/objectives/standards Specific laws and regulations Dialogue with domestic and international authorities Enforcement and sanctions
36 PFMIs what s new? New principles Comprehensive risk Segregation and portability Resolution Trade repository Higher requirements cover 2 for credit and liquidity risks
37 New Principles in PFMIs Comprehensive Risk To facilitate comprehensive regulation, supervision, and oversight among regulators Need cooperation among Central Banks, market regulators and other relevant authoritiesdomestically and internationally to reduce the probability of gaps in regulation, supervision, and oversight To minimise the potential duplication of effort and the burden on the FMIs or the cooperating authorities.
38 New Principles Segregation and portability Effective segregation arrangements can reduce the impact of a participant s insolvency on its customers Portability minimises the costs and potential market disruption associated with closing out positions and reduces the possible impact Effective legal framework to support segregation and portability
39 New Principles FMI recovery and Resolution The choice of resolution powers should be guided by the need to maintain continuity of critical FMI functions. FMI s resolution authorities, to ensure consistency between recovery and resolution plans.
40 Trade repository New Principles An entity that maintains a centralised electronic record of transaction data. Emerging as a new type of FMI, have recently grown in importance, particularly in the OTC derivatives market. Serving a significant role in enhancing the transparency of transaction information Promoting financial stability, and supporting the detection and prevention of market abuse. Providing information that supports risk reduction, operational efficiency and effectiveness and cost savings
41 Role of Authorities in implementation Why? - Regulatory response to the 2007 Financial Crisis FMIs failure may impact Financial Stability How? Through Structured, Safe, Secured, Suitable systems with global Standards having Settlement finality with sound legal basis. Why? - Responsibility as G20 members and because CBs care and assume responsibility for financial stability.
42 Challenges in the implementation of PFMIs Complexity in the standards Multiple FMIs, multiple regulators in a single jurisdiction Developing Cooperative Oversight Relevant authorities /regulators should cooperate with each other, both domestically and internationally, Differences in Legal/ regulatory framework in various jurisdictions Need for specific regulation or rules in order to adopt the PFMIs in some jurisdictions. If a central bank is an owner or operator of an FMI as well as the overseer of private-sector FMIs, conflicts of interest need to be addressed.
43 Challenges PFMIs Sustainability in complying PFMIs Developing Enforcement Tools Implementing necessary Procedural changes Challenges in institutional and technical changes Bearing Investment cost - To what extent? Can it be transferred : - to participants? - from participants to customers/users?
44 Challenges PFMIs Risk Profiles of FMIs and banks are different Are we replacing too big to fail banks with FMIs Liquidity will be an issue Indian markets dominated by few large players/banks Central bank liquidity support has moral hazard issues Focus on participant liquidity or FMIs liquidity Collaterals : Issues relating to concentration, reuse and liquidation. Having High quality collaterals with low market and low liquidity risk In many jurisdictions collaterals with low credit, liquidity, and market risks may only be limited to government securities
Comments & View Points of P Ravindra, Card based Electronic Payment Systems Risk and Compliance Professional & Consultant, Mumbai India; Former banker and Former Adjunct Faculty, IDRBT (Comments provided
PAYMENT SYSTEMS IN INDIA VISION 2012-15 DEPARTMENT OF PAYMENT AND SETTLEMENT SYSTEMS Payment Systems in India: Vision 2012-15 Vision Statement To proactively encourage electronic payment systems for ushering
Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Principles for financial market infrastructures April 2012 This publication is
Payment Systems Worldwide: a Vision of Safety and Efficiency World Bank Global Payments Week October 23, Lisbon, Portugal Massimo Cirasino The World Bank Where do you see yourself in ten years from now?
Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Premise Monte Titoli is Italy s central securities depository (CSD). It manages the securities
Oversight of payment and settlement systems The efficiency of the financial system depends on the smooth functioning of various payment and settlement systems, because all financial transactions are performed
General Guidelines for the Development of Government Payment Programs Social Safety Nets Course Washington D.C., 15 December 2014 Massimo Cirasino, Head, Payment Systems Development Group The World Bank
Systemic Risk and Investor Rights a Global Regulatory Perspective * The Ability of Regulation to Facilitate the Enforcement of Investor Rights London, UK, 24 March 2014 Klaus Löber CPSS Secretariat Bank
CPSS IOSCO Principles for financial market infrastructures: vectors of international convergence Daniela RUSSO Director General of the Directorate General Payments and Market Infrastructure European Central
BANK OF JAMAICA (BOJ) VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS EXECUTIVE SUMMARY MARCH 2006 EXECUTIVE SUMMARY 1. The Bank of Jamaica (BOJ) has embarked on a process of payment system reform to enhance
Mobile Banking - Funds Transfer through IMPS Version 1.0 1 Features of Mobile Banking 2 Availability of Service Application WAP SMS USSD 3 Immediate Payment Service (IMPS) Immediate Payment Service (IMPS)
Payments in India A Continuing Journey It has been more than three years since we covered Indian Payments in volume 4 of the. Over this period RBI (Reserve Bank of India) and NPCI (National Payments Council
Traditional versus Innovative G2P Payment Solutions Hemant Baijal Payment Systems Development Group The World Bank Discussion Points Importance of G2P payments to national economy A framework for G2P payments
Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) COMPLIANCE WITH PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES FREQUENTLY ASKED QUESTIONS Disclaimer: These FAQs are meant to provide
Francisco Linares Payment Settlement Systems Unit Manager Jesús Pérez Bonilla Securities Settlement Systems Unit Manager Payments Week 2005 Madrid 20 June 2005 PAYMENT SYSTEMS DEPARTMENT AGENDA PAYMENT
PAYMENT SYSTEMS IN GHANA OVERVIEW The payment system is the entire matrix of institutional infrastructure arrangements and processes in a country set up to enable economic agents (individuals, businesses,
Interbank Mobile Payment Service (IMPS) Merchant Payments User Group Meeting Current merchant payments scenario Remote payments E-commerce Face-to-face payments Fixed POS E-commerce statistics Growth of
PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) Frequently Asked Questions (FAQs) Q. 1. What is Pradhan Mantri Jan-Dhan Yojana? Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion
Rupay - The Future Payment Gateway Of India Moinak Maiti MBA Banking Technology, PondicherryCentral University, India E-mail:- firstname.lastname@example.org Abstract This era is known to be the era of E-payment.
Indian Payment and Settlement Systems Responsible Innovation and Regulation 1 - Duvvuri Subbarao First of all, my thanks to the management of IDRBT for inviting me to this eighth edition of the IDRBT Banking
Requirements for Clearing & Settlement Systems Jan Woltjer De Nederlandsche Bank Why is the infrastructure for Clearing, settlement and custody so important? Europe ==> Key to integration of the financial
PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) - Frequently Asked Questions (FAQs) Q. 1. What is Pradhan Mantri Jan-Dhan Yojana? Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion
Mobile Money Transfer Services Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Outline Overview of Mobile Money Transfers Who are the Key mobile wallet vendors? Successful examples
UNIFIED PAYMENT INTERFACE API and Technology Specifications Specifications Version 1.0 (DRAFT) (Please send all feedback on this draft specifications to email@example.com) Contents GLOSSARY... 4 1.
Welcome to the Public Awareness column prepared by the Reserve Bank of Fiji. This month s article introduces the types of payment mechanisms available in Fiji and how they work. Types of Payment Systems
BETTERTHANCASH A L L I A N C E Improving Lives Through Digital Payments Working Paper An Inclusive Approach to Digital Payments Ecosystems: Accelerating the Transition from Cash Requires an Ecosystem Approach
IMF Country Report No. 16/170 June 2016 KINGDOM OF BAHRAIN FINANCIAL SECTOR ASSESSMENT PROGRAM DETAILED ASSESSMENT OF OBSERVANCE ASSESSMENT OF OBSERVANCE OF THE CPMI-IOSCO PRINCIPLES FOR FINANCIAL MARKET
Payment, clearing and settlement systems in India CPSS Red Book 2011 145 Contents List of abbreviations...151 Introduction...153 1. Institutional aspects...154 1.1 The institutional framework...154 1.1.1
Bank of England Settlement Accounts November 2014 Contents Foreword 3 1. Payment systems and the role of the central bank 4 Payment systems 4 Settlement in central bank money 4 Intraday liquidity 4 Use
Committee on Payments and Market Infrastructures Board of the International Organization of Securities Commissions Recovery of financial market infrastructures October 2014 This publication is available
Guidelines for Cooperative banks for implementing Payment Systems along with brief outline on Procedures Cooperatives which have a large presence in rural areas were kept out of sphere of financial inclusion
Expert Meeting on CYBERLAWS AND REGULATIONS FOR ENHANCING E-COMMERCE: INCLUDING CASE STUDIES AND LESSONS LEARNED 25-27 March 2015 Cyberlaws and Regulations for Enhancing E-Commerce The Case for Payment
Committee on Payments and Market Infrastructures Board of the International Organization of Securities Commissions Recovery of financial market infrastructures October 2014 This publication is available
STATE BANK OF PAKISTAN on e-payment Gateway i P a g e Table of Contents ACRONYMS... 1 DEFINITIONS... 2 SCOPE OF THE DOCUMENT... 4 INTRODUCTION... 5 PURPOSE & BENEFITS OF E-PG... 6 FUNCTIONS OF E- PG...
Modernization of the National Payment System Dr Ranee Jayamaha Deputy Governor Central Bank of Sri Lanka The payment system is the mechanism through which money is transferred between savers and borrowers,
Summary of Submissions Received on the Consultation on Strengthening Statutory Payment Oversight Powers and the Reserve Bank s Responses October 2013 2 SECTION ONE: INTRODUCTION 1. In March 2013, the Reserve
Regulatory Perspective of Managing Security Expectations in Payments System BY Dipo Fatokun Director, Banking and Payments System Department Central Bank of Nigeria 1 Presentation Outline Background Payment
November 2011 Table of Contents Executive Summary... 3 Background... 4 Summary of Thailand s payment systems assessment... 5 1) Needs of Key Stakeholders... 6 2) Assessment of payment systems environment...
P ORTUGAL - NAT I ONAL PAYMENT SYS T EMS World Bank Global Payments Week 2012 23 October CONTENTS I. Payment Systems in Portugal. Role of Banco de Portugal and Stakeholders. Interbank Settlement Systems
Swabhiman-ICT based Financial Inclusion Implementation- A Case of Bank of Maharashtra Hello. I am Devdatta Rokade. I am from Bank of Maharashtra. I am here today to discuss with you all about ICT based
FREQUENTLY ASKED QUESTIONS BY BANKS FOR AADHAAR ENABLED PAYMENT SYSTEM Page 1 1. What is AEPS? AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions
NCR APTRA CLEAR National payment hub for clearing and settlement Shifting payment dynamics: The international scope Every country has some form of unique payment system based on its own financial practices,
CSS-IOSCO rinciples for Financial Market Infrastructures* Workshop on ayments Systems Oversight Banco de Guatemala Guatemala, Guatemala, October 16-18, 2013 Klaus Löber CSS Secretariat Bank for International
ASEAN Central Banks Working Committee on Payment and Settlement Systems (WC-PSS) Strategic Report to the ASEAN Central Bank Governors Meeting Introduction April 2011 1. The WC-PSS was endorsed at the ASEAN
Committee on Payment and Settlement Systems Technical Committee of the International Organization of Securities Commissions Assessment methodology for the principles for FMIs and the responsibilities of
RESERVE BANK OF INDIA www.rbi.org.in Developmental Role of Reserve Bank of India in the Payment Systems K Hari Krishnan General Manager Reserve Bank of India Payment Systems Vision The establishment of
Code of Conduct for Mobile Money Providers SOUNDNESS OF SERVICES FAIR TREATMENT OF CUSTOMERS SECURITY OF THE MOBILE NETWORK AND CHANNEL VERSION 2 - OCTOBER 2015 Introduction This Code of Conduct identifies
The role of Inter-operability and access to National Payments System in promoting innovations in retail payments findings from the World Bank survey on innovations in retail payments 1 This note has been
Business Guideline for Financial Market Infrastructures 1. Purpose The purpose of this Guideline is for the Financial Services Commission, in supervising and regulating the financial market infrastructures
2013 International Monetary Fund August 2013 IMF Country Report No. 13/268 July 29, 2012 January 29, 2001 January 29, 2001 January 29, 2001 January 29, 2001 India: Financial Sector Program Detailed s Report
Technology Solutions for Financial Inclusion-Indian Models Hello, I am Dr.Deepankar Roy. I am with the National Institute of Bank Management, Pune, India. Information and Communication Technology (ICT)
EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament
THE PAYMENT SYSTEM IN ZAMBIA Table of Contents OVERVIEW OF THE NATIONAL PAYMENT SYSTEM IN ZAMBIA... 225 1. INSTITUTIONAL ASPECTS... 225 1.1 General legal aspects... 225 1.2 Role of financial intermediaries
Name: LORENZO GASTON Organization: SMART PAYMENT ASSOCIATION (SPA) Industry Segment: Technology Solution Provider/Processor General 1. Are you in general agreement with the payment system gaps and opportunities
Guidelines for setting up of and operating the Trade Receivables Discounting System (TReDS) Micro, Small and Medium Enterprises (MSMEs), despite the important role played by them in the economic fabric
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... www.sib.co.in firstname.lastname@example.org A monthly publication from South Indian Bank 24 th Year of
Strengthening APRA s Crisis Management Powers ASX Submission 14 December 2012 Contents Executive Summary... 3 1. ASX supports a statutory management regime for FMIs which applies to overseas and domestic
Chapter 6 THE DEVELOPMENT OF E-PAYMENT AND CHALLENGES IN NEPAL by Bam Bahadur Mishra 1 1. Development of E-payment in Nepal Nepal is a small economy of which the banking era has not yet completed a century.
Eesti Pank policy for the operation and oversight of payment systems and for facilitating the payment market Under the Eesti Pank strategy for 2014 2018, it is part of Eesti Pank's mission to promote a
This document constitutes a Country Schedule as referred to in the Conditions and sets out country specific terms on which the Bank provides the Customer with one or more Accounts or Services in New Zealand
White paper Consistent and objective assurance enables compliance Highlights CPSS 1 -IOSCO 2 raise the bar for financial market infrastructures and their critical service providers to help achieve effective
Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS... 1-1 SECTION ONE: BACKGROUND...3 1 INTRODUCTION...3 2 PAYMENT CARDS TECHNOLOGY: MAGNETIC STRIPE VERSUS INTEGRATED CHIP...4 3 TYPES OF PAYMENT CARD
Consultation Document: Crisis Management Powers for Systemically Important Financial Market Infrastructures The Reserve Bank invites submissions on this consultation document by 5pm on 20 May 2016 Submissions
OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS 1 Introduction The oversight of payment systems is an essential function of central banks and aims to ensure the smooth functioning of payment systems
M a y 1 2, 2 0 1 6 Bank of Japan Central Bank Policy on Financial Market Infrastructure Remarks at the Conference on Retail Payments Hiroshi Nakaso Deputy Governor of the Bank of Japan (English translation
Trading of Government Securities on the Stock Echanges Draft Scheme for comments [Objective With a view to encouraging wider participation of all classes of investors, including retail, across the country
a U.S. COMMODITY FUTURES TRADING COMMISSION Three Lafayette Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202) 418-5430 Facsimile: (202) 418-5547 email@example.com Division of Clearing and
LAW GOVERNING ELECTRONIC BANKING: FAVOURING ECONOMIC GROWTH- THE INDIAN SCENARIO Paper presented by: B. Gopalakrishnan Senior Vice President (Law), UTI Bank Limited INTRODUCTION The face of the banking
Banking & Finance in India Bill Susinski, Head of International Business, HSBC India Agenda Banking & Finance in India Banking Sector & Regulatory Issues for MNCs Payment Landscape Foreign Exchange & Hedging
NÁRODNÁ BANKA SLOVENSKA EUROSYSTEM OVERSIGHT POLIC CY OF NÁRODNÁ BANKA SLOVENSKA Oversight of payment systems and payment instruments December 2014 CONTENTS OVERSIGHT DEFINITION AND OBJECTIVES... 3 OVERSIGHT
Experts Workshop Payment Systems and Capacity Building in OIC Member Countries Payment Systems in Malaysia Istanbul 26 Sept 2010 1 Payment and settlement systems in Malaysia Commercial Banks, Islamic Banks,
BANK OF UGANDA MOBILE MONEY GUIDELINES, 2013 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1. Citation and Commencement... 2 2. Background... 2 3. Objectives... 3 4. Application... 3 5. Interpretation...
Agathe Côté: Toward a stronger financial market infrastructure for Canada taking stock Remarks by Ms Agathe Côté, Deputy Governor of the Bank of Canada, to the Association for Financial Professionals of
Interdependencies among payment and settlement systems Overview of forms and challenges for risk management Denis Beau Chairman of the CPSS working group on system interdependencies Bank of England/ECB
ELECTRONIC MODE OF PAYMENT A STUDY OF INDIAN BANKING SYSTEM Aastha Gupta Assistant Professor, Department of Commerce, Arya Kanya Mahavidyalaya, Shahbad Munish Gupta Assistant Professor, Department of Commerce,
Contact name: Organization name: Alun Thomas Kalypton Limited Please indicate the segment of the payments industry your organization best represents: Technology Solution Provider Q1. Are you in general
Mobile Banking, Financial Inclusion and Policy Challenges Presentation to the 10 th IADI Annual Conference 19-20 October 2011, Warsaw, Poland Pierre-Laurent Chatain Prudential Oversight and Systemic Stability
Committee on Payment and Settlement Systems Innovations in retail payments Report of the Working Group on Innovations in Retail Payments May 2012 This publication is available on the BIS website (www.bis.org).
Innovation in payments an overview Surveying the Scene In developed countries, payments networks are mostly fit for purpose. However, concerns are emerging of persistently high costs and chip and security
27.7.2012 Official Journal of the European Union L 201/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on OTC derivatives, central
No Nature of services All charges are inclusive of Service Tax. Individuals (Pensioners/Individuals in Rural areas) 1 Cheque book facility MICR `3.00 per cheque leaf `3.00 per cheque leaf Non MICR `2.00