The Indian government is reportedly considering creating a new regulator for electronic payment systems and for the regulation of transaction charges. "They are taking it more as a revenue model rather than an integral part of banking. However, the current regulator of the sector, the Reserve Bank of India, is reportedly not keen on giving up the responsibility. In an interview with Mint, RBI Governor Raghuram Rajan said that he was open to suggestions from other central banks about how they could improve their regulatory framework. Digital payments are booming in India as the government experiments with partial demonetisation.
The Indian government is reportedly considering creating a new regulator for electronic payment systems and for the regulation of transaction charges. However, the current regulator of the sector, the Reserve Bank of India, is reportedly not keen on giving up the responsibility. In an interview with Mint, RBI Governor Raghuram Rajan said that he was open to suggestions from other central banks about how they could improve their regulatory framework. Digital payments are booming in India as the government experiments with partial demonetisation.