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Legal framework to back advanced payment and settlement system
October, 27th 2006
The Reserve Bank of India (RBI) is trying to ensure that the legal framework in the country is not lagging behind the modern developments in payment and settlement technology, RBI governor YV Reddy said, while addressing a Regional Payment Systems Workshop, in Hyderabad. He said as the Payment and Settlement Systems Bill, 2006 is under consideration of Parliament, the oversight of payment and settlement system was initiated under the RBI Regulations, 2005, which have been framed under the statutory provisions of the RBI Act. As on when the Payment and Settlement Systems Bill is enacted in Parliament, the enactment would provide a specified and dedicated legal foundation for the regulation and supervision of the payment and settlement systems as also legal recognition to netting procedures in the country. Speaking on the RTGS experience, Reddy said the experience with RTGS shows that there are immense benefits but its popularity itself can give rise to some operational issues when the system is stabilising. The delays in closing the books by the end of the day have been reported. We are according highest priority to tackle these operational issues that have cropped up in the recent past, he said. Also, several strategic measures may be necessary to popularise and encourage the use of RTGS by the financial intermediaries, consistent with the efficacy and capacity of the RTGS system, said Reddy.
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