furthering digital payments and we are very glad to share and collaborate. the national payments corporation of india ( npci ) has also decided to set up a subsidiary to focus on taking the upi model to other countries which will help enhance global outreach of india ’ s payment systems. with a view to encourage competition and further innovation in the retail payments space, we have also placed on our website a draft framework 4 / 6 bis central bankers'speeches of a pan - india new umbrella entity ( nue ) for retail payment systems for public comments. strengthening regulation and supervision 23. in the context of ever expanding dimensions of the banking sector in the 21st century, we need to be aware of the extensive regulatory and supervisory reforms essential for ensuring stability and inclusiveness of the banking sector. it has been rbi ’ s endeavor to constantly improve the efficacy of its supervisory and regulatory functions, so that the resilience of the regulated financial entities can be enhanced. a number of steps have been taken in the recent past in this regard. in particular, we have reorganised the supervisory and the regulatory departments of the reserve bank with the aim to improve coordination and allocate resources more optimally. from a supervisory perspective, this will augment the identification of systemic and idiosyncratic risks which will help us build synergy between off - site and on - site supervision teams. 24. we are also following a calibrated supervisory approach to bring in required modularity and scalability, to better focus on risky practices and institutions and to deploy an appropriate range of tools and technology to achieve our supervisory objectives. we are focusing on a sharper and more forward - looking off - site surveillance framework as an aid to our on - site supervision. a sup - tech initiative is being implemented as a part of the integrated compliance management and tracking system. this will facilitate transparent and efficient monitoring of all pending compliances of supervised entities through a web - based interface, automate the inspection planning process and cyber incident reporting, and ensure seamless collection of data. thematic studies will be undertaken across banks and other financial sector entities. new elements of supervision will also be introduced from time to time. the proposed research and policy division and risk specialists division will assist in this process. 25. appropriately recognising the systemic importance of non - banking financial companies ( nbfcs ) and their inter - linkages with the financial system, the reserve bank has taken necessary steps to ameliorate the concerns relating to

speech i gave in 2005 at jackson hole in wyoming, where central bankers from all around the world meet every year on an informal basis. back then, i explained that one of the conditions for boosting long - term confidence was to remain visibly and constantly in a state of alert. the experience of the most serious crisis since the second world war has only strengthened this conviction. more than ever, the benefit that the european central bank brings to europeans is to be an anchor of stability and confidence in a turbulent and demanding period. bis central bankers ’ speeches