controls the transactions? has there been any worthwhile attempt to resolve them in a mature way? or like sulking infants is each one trying to wear out the other including the regulator? let me say that if the latter is true, it can be a painfully long and expensive process benefitting none and does not help in our efforts to achieve true financial inclusion. therefore i would urge upon the banks and msps to get their acts together. on behalf of rbi let me assure you, once again, that we stand committed to the success of this collaboration and would remove all genuine obstacles! responsibilities of banks and customers – a balancing act let me raise the issue of consumer protection and responsibilities of banks and customers in the event of fraudulent / unauthorised payments in the customer ’ s account and where we stand when compared to other countries. let me recount a conversation narrated to me by a friend between a customer and his bank in us. the bank informed the customer that unauthorised transactions were being suspected in his credit card account. the customer retorted that the transactions were taking place in bank ’ s books and not in his account as he had not carried out those transactions as the card was very much in his custody. the customer further added that the bank is responsible for ensuring that fraudulent transactions bis central bankers ’ speeches are not carried out when the card is in the possession of the customer. if the same question were posed by a bank customer in india, what would be the response of the card - issuing bank here? as you may be aware major credit card issuers in us have adopted zero liability policies or limited liability policies to protect the costumers from fraudulent or unauthorised transactions in their credit cards. zero liability policies go beyond the requirements of federal law, which limit individuals ’ out - of - pocket expenses to $ 50 if a credit card is lost or stolen and then used fraudulently. zero liability protection increases the costumer ’ s confidence in credit card transactions. but in india the liability often shifts to the customers. generally the credit card issuers are not liable for fraudulent transactions unless the customer reports the unauthorised transactions immediately. so the shift in liability from customers to banks comes into effect only after the customer informs the bank. banks argues that they take adequate steps to ensure safety of card transactions, and the least they expect from the customer is to report the card loss immediately. this is understandable and logical. but the logical consequence of this would be that where a

that the ecb has unique challenges to cope with. first, when we start the press conference the vice - president and i know that we are speaking in quasi real time, through all of you, not only to european market participants, investors, savers, economic agents, entrepreneurs but also to all our european fellow citizens to whom we are accountable as a last resort. this is already a demanding and exciting task taking into account the fact that we are the only major central bank embarking on a press conference immediately after the monetary policy meeting. second, on top of that, we are fully conscious that we are speaking simultaneously to twelve different cultures today, and many more when time comes. making sure that a decision is exactly understood simultaneously by a german, an italian or a spanish household, by an irish, a portuguese and a dutch citizen is another extraordinary challenge that no other central bank has to cope with. third, last but not least, we are also simultaneously speaking to the global market participants who have themselves their own language and their own culture. for the ecb to be credible means being credible vis - a - vis all parties concerned. our transparent communication must permit all parties to understand our mandate and our strategy to ensure price stability, to anchor their medium term and long term expectations and to accurately predict our future behaviour. for the european and global market participants in particular i know how predictability is important. i attach the utmost importance to our predictability which has been very good in the past, thanks to our conceptual transparency, to our own candid explanations on our diagnosis and decisions and - last but not least - to the quality and lucidity of yourself, members of the frankfurt economic journalists, of ecb watchers in general, of economists and of market participants. i will continue to take care that this predictability remains as excellent as possible.