, internet and mobile based, are growing in big proportions. atms and pos machines have proliferated. 3. however, the country is very big, spread over 3. 288 million sq km area, with 1. 2 billion citizens, and 650, 000 plus villages. the growth recorded so far, though gratifying, is nowhere near our fellow emerging markets, leave alone developed west or east. therefore, we need to be pressing ahead with our efforts in this area. the reserve bank is working on the next payment systems vision document. in this context, it is also imperative that market participants also continue to take serious interest in developing the payment systems. that will need quite a catalytic efforts from common interest groups. one of such efforts is to recognize performance and it is heartening to note that npci has constituted the “ national payments excellence awards ” to identify and reward the member banks for their performance on the network. the awards are in several categories, separate for big players and not so big players. my hearty congratulations to the awardee banks and their staff. i am sure that other banks will redouble their efforts to win over these awards in the coming years. emerging payment revolution 4. according to a research report of goldman sachs, one of the three emerging trends in the financial world is the payment revolution. it says that the drivers that are changing the way we pay are the technology, the regulations, the demography and international factors. innovations in network technology, cryptography and telecom technology, the regulations bis central bankers ’ speeches relating to consumer protection, anti - money laundering and anti - terrorist funding, directions on transaction fees and interchange fees, the financial inclusion initiatives, the b2c, c2c, b2b type of payments, the cryptocurrencies and the tech - savvy - gen - next are all bringing forth that revolution. 5. the payments landscape in india is also changing and is changing fast ; the key elements are the regulatory focus on creating robust payments infrastructure, technology enabling solutions to be available in millions of hand held devices, the number literate populace, the evolving payments marketplace with new players and existing players riding the enhanced culture of innovation in the country to create solutions that are make in india and made for india. 6. to reach out to all segments of the society, interoperability is the key and a critical ingredient to evolving larger payment ecosystems. npci today provides the largest interoperable domestic network for multiple services

swaminathan j : transforming financial landscapes - building resilience for economic stability keynote address by mr swaminathan j, deputy governor of the reserve bank of india, at the " banking transformation summit - season 2 ", organised by cnbc tv 18, mumbai, 30 august 2024. * * * shri v anantha nageswaran, chief economic advisor, ms. shereen bhan, managing editor, cnbc tv 18, ms. latha venkatesh, executive editor cnbc tv 18, managing directors & chief executive officers of banks and non - banking financial companies, leaders from the fintech industry, distinguished guests, ladies, and gentlemen. a very good evening to all of you. i am indeed delighted to be present here amongst you today to speak to you about the evolving banking landscape and the imperative need to build and sustain financial sector resilience if india is to achieve her aspirations of becoming a developed economy by 2047. importance of financial stability for economic growth in a developing economy like india where private capital sources are limited, it is the banking system led financing model that comes to drive capital expenditure. the financial institutions, therefore, must maintain a sound financial position and strong balance sheet to support significant investments in infrastructure, industry, and innovation to fuel india's economic growth. thankfully, the financial health of both corporates and financial institutions is at its strongest level in decades. however, for sustaining this financial stability, the sector must prioritise financial and operational resilience alongside strong corporate governance. further, banks and financial institutions need to strengthen their internal defence mechanisms, namely their assurance functions, cultivating a culture of compliance and fair play to ensure they retain the regulators ', and more importantly, their customers'trust, at all times. the regulator is an enabler towards ensuring as well as preserving financial system stability, the reserve bank has been taking many definitive steps. today, i would like to walk you all through a few of those enabling steps by the reserve bank. consultative approach to regulations globally, and especially in india, regulatory approaches have evolved to become more consultative, incorporating stakeholder feedback to develop balanced and effective regulations. the establishment of the regulation review authority 2. 01 in 2021 is a 1 / 5 bis - central bankers'speeches testament to rbi's commitment to streamline regulatory instructions, reduce compliance burden, and eliminate obsolete requirements, thus fostering a more efficient regulatory environment. having served as the chair of the advisory group representing