also important to mitigate the sources of systemic shocks. dodd - frank apparently did little to curb misconduct – a possible source of systemic risk. if the people managing capital cushions and liquidity buffers view these tools as sufficient mitigants for the costs of misconduct, or if powerful incentives encourage workarounds of the new regulations, then the connection between post - crisis reforms and greater financial stability becomes threatened. in the last year, we have seen emerging approaches to supervision that aim to address culture, conduct and governance. these methods are being developed in a number of jurisdictions. 8 i am pleased to welcome representatives of 15 foreign supervisors and other official sector agencies who are joining the many representatives of u. s. supervisory and regulatory agencies here today. the topic of culture and conduct has truly become a global dialogue. we have a lot to learn from each other. one question on the minds of many in the official sector is, “ what is the most effective way to promote reform? ” sharing ideas on leading practices, challenges and the opportunities for industry collaboration is a start – but it is not the end. financial firms need to act on this information, and the official sector should hold institutions accountable for demonstrating sustained, observable progress. overview of agenda let me now give a brief overview of today ’ s agenda. the first panel will present the group of thirty ’ s recent report on banking conduct and culture, which calls for fundamental and william c. dudley, ending too big to fail, remarks at the global economic policy forum, november 7, 2013. federal advisory council and board of governors, record of meeting, may 8, 2015. william c. dudley, enhancing financial stability by improving culture in the financial services industry, remarks at the workshop on reforming culture and behavior in the financial services industry, october 20, 2014. see, e. g., mirea raaijmakers, ed., supervision of behavior and culture : foundations, practice & future developments, de nederlandsche bank ( 2015 ). bis central bankers ’ speeches sustained change. as you all know, the group of thirty is a forum consisting of senior public officials and private sector bankers. its purpose is to facilitate non - partisan discussion of issues that threaten global economic stability and economic progress. it speaks volumes that the group has focused its work in recent years on effective governance, the role of supervision, and on conduct and culture. each of the four remaining panels will address one aspect of the multidimensional nature of

r gandhi : payment revolution – preparing for participation speech by mr r gandhi, deputy governor of the reserve bank of india, at the “ national payments excellence awards 2015 ”, organized by the national payments corporation of india ( npci ), mumbai, 22 december 2015. * * * assistance provided by shri vipin surelia is gratefully acknowledged. accompanying charts can be found at the end of the speech. 1. it was in the reserve bank ’ s payment systems vision 2005 – 08 document, which i was fortunate enough to draft, it was indicated that the focus would be on setting up of a new institution for all retail payment systems and operationalizing a national settlement system. this new institution would be a limited company, owned and operated by banks and act as an umbrella organization for all retail clearing operations, both paper based and electronic. i am very glad that the national payments corporation of india ( npci ) established in 2009 footed the bill in perfect unison and has now emerged as the prime engine chugging ahead in the retail payment systems. npci is working closely with the banking community and payments technology industry at large and is at the forefront of digitizing the payments while also providing for interoperability. the industry has also been privy to the new initiatives taken by npci which are impacting the payments system positively. as it is, npci is completing six years now and in its six years existence, it has successfully launched six products viz., gridwise operations of the cts, interoperability on nach, imps, nfs and the rupay card scheme. i am sure that npci has and will have much more successful rabbits under its hat. i understand npci is in an advanced stage of offering touch & go cards and is discussing the modalities for introducing interoperability for etc tags. my hearty congratulations to the team npci headed by shri a p hota, a long - time friend. 2. we have been focusing our attention on developing the payment systems in the country for the past thirty five years, starting from the computerization of clearing houses way back in early 1980s. thanks to all these years ’ efforts, today we have a vibrant, innovating, efficient and secured payment eco system in the country. the share of electronic payments is continuously on the increase, both in volume and value terms. several payment channels viz., cards ( including credit, debit and prepaid varieties ), near field and cardless, electronic