intrabank vis - a - vis inter - bank since the latter is regulated by the central bank. such happenings defy all logic and needs to be debated in forums like the iba. the banks often counter this concern raised by the central bank by arguing that such charges should be best left to the market. as a person who has seen both sides, i am of the view that while the central bank need not intervene in the pricing of various payment products, it should not hesitate to step in if it finds a large section of the customers that cannot afford or are shying away from such products on account of arbitrary fixing of charges linked to the value of the transactions in a technology - driven scenario. rationalisation of service charges for paper and electronic bis central bankers ’ speeches products by the reserve bank was an attempt in this direction. acquiring space in the payment systems arena is a huge opportunity for bank and non - bank entities if adopted with a level playing attitude where the increasing number of customers coming into its fold is the game changer for pricing strategy. but above all, no attempt would be considered fruitful without the benefits percolating to the aam aadmi. 19. having stated the above, i must admit that one reason for costing of electronic products at a higher band in comparison with the traditional products has been the banks ’ attempt to part - recover the cost of deployment of technology. the process of introducing innovative products in india has been costly for the banks due to the unsystematic developments during the initial stage of technology deployment by the banking industry. in a country of our size, co - operative efforts and sharing of infrastructure while deploying technology is a lost opportunity story. customer service – dispute resolution and frauds dispute resolution 20. the customer dispute resolution has to be given a greater attention in the promotion of electronic payment products. appropriate processes have to be implemented for speedy resolution of such complaints. the time taken for resolution of such disputes should be reasonable. in an electronic payment scenario, a time period of 45 to 50 days for dispute resolution cannot be accepted as normal. our intervention in the resolution of disputes related to failed atm transactions was necessitated by this unreasonable time period. outlier issues cannot be the bottlenecks or benchmarks for dispute resolution process. by this logic, we feel that banks can bring down the 12 day period currently prescribed by rbi for failed atm transactions by implementing systems for automatic reversals. the outlier issues like part cash disbursal have to

distinctly in favour of india since 2013. in 2013, inflation in advanced economies ( aes ) was at 1. 4 per cent, as against 10. 1 per cent in india. the inflation differential of india vis - a - vis aes is now negative, a rare development with several aes experiencing double digit inflation. india's growth differential with the global economy has improved from 3 per cent in 2013 to 3. 8 per cent in 2022. the corporate sector balance sheets are strong ; the banking system is well capitalised ; credit growth is in double digits ; and the growth momentum is steadily improving. 35. the terminal interest rate that the us fed is targeting is anybody's guess, but it cannot be the case that it will tighten monetary policy endlessly. when the tightening is over, the tide will surely turn. capital flows to india will resume and external financing conditions will ease. in this complex world in which both push and pull factors are at play, the inr, which is market - determined, should be allowed to find its level and that is what we have been striving to ensure. as i have just explained, the inr has seen a very orderly movement since the onset of the current geopolitical crisis. we must deal with the global hurricane with confidence, endurance and the courage of our conviction that we will weather this turmoil. conclusion 36. the current global economy is sailing in extremely turbulent waters. despite humungous challenges, the indian economy has progressed relatively well. i would like to impress upon the banks and businesses to remain focussed on reinforcing their resilience while continuing to grow and meet market demand. they should continuously assess the risk buildup, if any, sharpen governance and strive to maintain healthy levels of capital and other buffers. so far as the rbi is concerned, we remain committed to support and preserve macroeconomic and financial stability. once again, it is a moment of'whatever it takes '. 1 besides strengthening the operating framework of monetary policy, the sdf also acts as a financial stability tool. by removing the binding collateral constraint, the sdf empowers the rbi to mop up any amount of funds without driving interbank interest rates to ultra - low levels. 2 based on bis real effective exchange rates. 7 / 7 bis - central bankers'speeches