the growth in atm usage has migrated away from the metropolitan centres, to the tier 3, 4 and 5 cities and the evolution of white label atms is proof of the large potential that atms have brought in. 6. india is among a few countries which has settlement / funds available for cheque clearing on a t + 1 basis with finality. india has pride of place in the form of the upi for retail payments. we are also having the one of its kind aadhar enabled payment systems as well the most ubiquitous qr codebased processing. all these retail payment systems have resulted in the keynote address by shri b. p. kanungo, deputy governor, reserve bank of india, at the npci national payments excellence awards function, mumbai, on may 29, 2018. inputs received from the department of payment & settlement systems are acknowledged. availability of a wide choice for the common man and more importantly, at reasonable rates. excellence in retail payments 7. retail payments have grown by nearly 45 per cent in volume and 30 per cent by value during 2017 - 18. retail payment systems in india are characterised by large volumes and this makes it necessary that the systems are available whenever and wherever they are required. if these systems are to deliver at the desired levels of expectations, then there is a need to focus on certain key essential features of ‘ excellence ’. let me dwell a bit on each of these six excellence features : 8. the first most important requirement in this regard is ‘ availability ’. retail payment systems, by their very nature have to be available on demand, at all times – generally 24 by 7 – and at all convenient locations and modes. while most of our systems do reflect this, the bottleneck is in terms of digital connectivity. addressing infrastructure constraint is critical to making available retail payment services to the population. currently, a large number of rrbs, rural cooperative banks and district central cooperative banks are yet to be part of retail platforms ( neft, imps and nach ). to encourage participation of citizens in semi - urban and rural india, there is a need to bring all rrbs, rural cooperative banks and district central cooperative banks on various retail electronic platforms subject to their technological capability. 9. the second requirement is ‘ efficiency ’. in a country such as ours where the diaspora of population and the attendant requirements are of keynote address by shri b. p. kanungo, deputy governor, reserve bank of india, at the npci national payments

( pdf ), ” speech delivered at the center for american progress, washington, january 12. business assets in the scf include both actively and “ non - actively ” managed businesses but do not include ownership of publicly traded stock. see, for example, janet currie and douglas almond ( 2011 ), “ human capital development before age five, ” ch. 15 in david card and orley ashenfelter, eds., handbook of labor economics, vol. 4 ( holland : elsevier ), pp. 1315 – 1486. homeownership by parents is strongly associated with economic success for children ; see thomas p. boehm and alan m. schlottmann ( 1999 ), “ does home ownership by parents have an economic impact on their children? ” journal of housing economics, vol. 8 ( september ), pp. 217 – 32. ninety - seven percent of topearning families with children own a home, compared with fewer than half of the bottom 50 percent of families with children ; educational attainment of parents is strongly predictive of outcomes for children that determine earnings. see ayana douglas - hall and michelle chau ( 2007 ), “ parents ’ low education leads to low income, despite full - time employment ” ( new york : national center for children in poverty, columbia university, bis central bankers ’ speeches according to the scf, the gap in wealth between families with children at the bottom and the top of the distribution has been growing steadily over the past 24 years, but that pace has accelerated recently. figure 8 shows that the median wealth for families with children in the lower half of the wealth distribution fell from $ 13, 000 in 2007 to $ 8, 000 in 2013, after adjusting for inflation, a loss of 40 percent. 21 these wealth levels look small alongside the much higher wealth of the next 45 percent of households with children. but these families also saw their median wealth fall dramatically – by one - third in real terms – from $ 344, 000 in 2007 to $ 229, 000 in 2013. the top 5 percent of families with children saw their median wealth fall only 9 percent, from $ 3. 5 million in 2007 to $ 3. 2 million in 2013, after inflation. for families below the top, public funding plays an important role in providing resources to children that influence future levels of income and wealth. such funding has the potential to help equalize these resources and the opportunities they confer. social safety - net spending is