harmonise consumer protection in particular relating to purchase of digital content products and in cross border transactions. how are we placed in terms of consumer protection and responsibilities of banks and customers in an electronic banking environment where physical transaction is replaced by electronic transaction, physical trail is replaced by electronic trail, and a physical signature is replaced with a digital one? how can we define the roles and responsibilities of banks and customers in such an environment to achieve a win - win situation for all? is the customer really aware of his / her rights and responsibilities, or does the “ fine print ” put all the liability on the customer? does the regulatory requirement of “ authorisation ” provide a sufficient safeguard for users of electronic payments? are the existing consumer protection act, banking ombudsman act, and other grievance redressal mechanisms really up to handling issues arising out of payments systems arena which is increasingly getting electronic? or does the law need to be strengthened further while focussing exclusively on consumer protection issues arising out of electronic transactions? is there a need to dovetail consumer protection with consumer awareness as well since there is a lot of synergy between these two requirements? for instance, even as the rbi is taking steps to make card present transactions more secure, customer awareness can go a long way in enhancing customer protection while using magstripe cards at a pos terminal. a simple case in point is how many of us really pay attention to the fact whether the merchant is checking the signature on the card during a transaction at the pos terminal? today, matching the signature on chargeslip with that on the card is perfunctory. should not this become a more serious exercise? i would encourage the bankers ’ club to arrange a round table to debate on these issues and come up with a technical paper. as i conclude, let me also take this opportunity to provide some inputs on two other areas which will see vast improvements in large value payments as well as bring in additional messaging avenues – i am referring to the next - gen rtgs and the proposed entry of swift for domestic messaging in india. the existing rtgs system was commissioned in 2004. the volume of rtgs transactions have grown over the years and currently settles approximately a volume of around 3 lakh transactions a day. this raised issues of scalability of the existing rtgs system which was developed to handle a volume of 50, 000 per day. further, it is a well known fact that rtgs, being a gross settlement system, is liquid

9th global alliance for banking on values ( gabv ) conference kathmandu / 7 - 9 march 2017 address by dr. chiranjibi nepal, governor, nepal rastra bank rt. honorable prime minister mr. pushpa kamal dahal, chairman of global alliance for banking on values and ceo of triodos bank mr. peter blom, executive director of gabv dr. marcos eguiguren, chairman of nmb bank mr. pawan kumar golyan, ceo of nmb bank mr. upendra poudyal, my friends from the financial community in nepal media friends, distinguished guests from nepal and abroad ladies and gentlemen, it gives me immense pleasure to address this 9th global alliance for banking on values ( gabv ) conference, being held here in kathmandu. i would like to thank nmb bank and other members of the gabv for providing me this privilege. i believe the theme of this conference entitled " shifting the financial paradigm - courage to act together " encompasses the work of the global alliance targeted at changing the world of finances to put people before profit. in this respect, i appreciate this laudable effort of the members of gabv who are focusing on strengthening local communities and entrepreneurs to become self - reliant. ladies and gentlemen, the challenge of building a sustainable financial system is to develop one which is a servant of the real economy, not its master, and which enables the sustainable intergenerational increase of common welfare and environmental resilience. the ultimate aim of the financial system should be to cater to people ’ s needs. there may be differences in values with respect to geography and time, but human welfare will always remain the principal value across different cultures. it was in the aftermath of the global financial crisis that a number of sustainability - focused or values - based banks had exhibited the ability to provide steady risk - adjusted financial returns by focusing on the real economy, and acting as financial intermediaries dedicated to supporting economic, social and environmental impact. these banks that put people before profit have gained credibility and recognition and are growing in strength and number. these banking institutions are united by the principles of sustainable banking that are based on certain values including sustainability, transparency, diversity, fairness and inclusion. in this banking model, profit is a result of sustaining and growing value in the real economy and healthy communities, not an end goal. ladies and gentlemen, allow me now to share with you a few words on financial sector development of nepal which would