efficacy of the payment card industry data security standard ( pci dss ) is a proprietary information security standard for organizations that handle cardholder information for the major debit, credit, prepaid cards etc. bis central bankers ’ speeches such a retail payment system for the country. the impact of innovations on cash and monetary policy may be required to be analyzed in the long run once the volumes pick up. retail payment systems – kyc constraint although we always propagate that availability and accessibility of a payment product / process is the key factor to be considered for financial inclusion the fact remains that these customers have to pass the test of proving identity. innovating a retail payment system keeping the biometric identity in mind is the need of the hour. but that calls for nationwide initiative. in india, however, integrating the aadhaar ( biometric ) with payment systems has started happening with the regulator supporting its acceptance as a valid kyc proof. concluding thoughts i hope all of you have had two days of fruitful discussions and debate. i also hope you had a pleasant stay in india. i know the best is yet to come when you will be taken to the country ’ s historically most important infrastructure, the taj mahal, tomorrow. wish you have a great time exploring india and that you will all return academically and culturally richer back to your respective countries. wish you all the best. bis central bankers ’ speeches

wealth funds be permitted to take a controlling stake of 40 percent. asset quality 13. during the quarter ended december 2013, banks collectively held loan provisions of about rupees one lakh crores, an increase of 13 percent over the year, indicating that loan asset quality of banks in india deteriorated considerably the trend of y - o - y growth in gross non - performing advances ( gnpa ) outstripping the y - o - y growth of advances, that started from the quarter ended september 2011, continues although the gap in the growth rates is narrowed 5. the psbs continued to register the highest level of stressed advances at 11. 3 per cent of the total advances as at end march 2014, followed by the old private bank at 5. 8 per cent. though agriculture sector showed the highest gnpa ratio the industry sector showed distinctly high level of restructured standard advances, resulting in the stressed advances of the industry sector reaching 15. 6 per cent followed by the services at 7. 9 per cent as at december 2013. there are five sub - sectors, namely, infrastructure { which includes power generation, telecommunications, roads, ports, airports, railways ( other than indian railways ) and others infrastructure }, iron and steel, textiles, mining ( including coal ) and aviation services had significantly higher level of stress and thus these sub - sectors / segments were identified as “ stressed ” sectors in the banks ’ lending portfolios. the share of these five stressed sub - sectors to the total advances of the scbs is around 24 per cent. infrastructure has the highest share at 14. 7 per cent in the total advances. among the bank - groups, these five sub - sectors have the highest share at 27. 3 per cent in the case of psbs. 14. it is widely accepted that the economic slowdown has affected the asset quality of banks adversely though the impact is not similar across bank groups. sector - wise and their sizewise analysis of asset quality shows that the gnpa ratio of psbs across the sectors and their size are significantly higher than the other bank - groups. how do we face up to the challenge of deteriorating asset quality of banks? though analysts have often pointed out that the poor asset quality of the banks, to a great extent, could be attributed to the not so the system level gross non - performing advances ( gnpa ) of scbs as percentage of total advances, declined to 3. 9 per cent in march 2014 from 4. 2 per