Payment and Settlement System in India

The lecture is about the payment system in India, which is an important element of the financial sector infrastructure. The lecture also shows the evolution and objectives of the Indian payment system – as a public good, various milestones crossed by us in the past few decades, the major initiatives that the RBI has taken to upgrade and modernise the payment system in India to benchmark it with the best in the world, and the various technological developments that can be leveraged to further deepen the penetration of the payment system services in the country to promote greater financial inclusion. [Special Address delivered by Shri V Leeladhar, Deputy Governor, Reserve Bank of India at the Conclave on Indian Banking – Vision 2010, organised by the Indian Banks’ Association, Mumbai].