sure you are aware of the concern about whether consumers have the ability to shop for mortgages and to avoid unfair or deceptive lending arrangements. taking these concerns and public comments into consideration, the federal reserve determined that information on loan prices was critical to gaining insight into the functioning of the higher - cost mortgage market. in the board ’ s amendments to the regulation that implements hmda, regulation c, we attempted to expand the hmda data to permit evaluation of this market. the same amendments also required recording of information about the lien status of the loan, whether it was for manufactured housing, and whether it was subject to the home ownership equity protection act. the new data were first reported for loans originated in 2004. although the edited aggregate hmda data will not be available until september 2005, lenders, as of march 31, are required to make their individual data available to anyone who submits a request. some community organizations have already obtained and analyzed the data of some large lenders and have published reports indicating they believe that the data reveal discrimination in pricing. simultaneously, the federal reserve, together with the other agencies that make up the federal financial institutions examination council and the department of housing and urban development, has been explaining to financial institutions and to the public the uses and limitations of the pricing data and how these data will be used by bank examiners. general data issues the collection of hmda data is premised on two distinct assumptions. the first is that the mortgage markets work more efficiently when information is publicly available. hmda data have been used to identify credit demand that might otherwise have been overlooked. the analysis and conclusions drawn from the data have also encouraged the establishment of partnerships between lenders and community organizations to meet credit needs. the other assumption is that data improve compliance with, and enforcement of, fair lending and consumer protection laws. the hmda data are the first point of reference for fair lending examinations conducted by the federal reserve and the other banking regulators. government agencies use hmda data to assist in evaluating lender compliance with anti - discrimination laws - particularly the equal credit opportunity act ( ecoa ) and the fair housing act ( fha ) - as well as other consumer protection laws. the data help examiners identify institutions, loan products, or geographic markets that show disparities in the disposition of loan applications by race, ethnicity, or other characteristics that require investigation under the fair lending laws. with the addition of price data for higher - priced loans, the agencies will be able to

depend on the place and mode of the breach. for example, when a customer uses an atm or a pos terminal, he assumes that he undertakes his transaction in a secure manner. if a skimming device has been planted at the atm which results in the card data being stolen and misused later, the bank or service provider which manages the atm or the pos terminal should accept the responsibility and make good the losses. the onus of proving the customer ’ s liability in such cases should squarely rest on the bank / service provider. in the case of online / phone banking transactions, the possibilities of fraud arise generally on account of lapses on the part of the customer in exposing his system to the risks mentioned earlier which may result in theft of his identity, account details etc. how has the reserve bank of india sought to address the risks faced by customers using electronic payments? for online credit / debit card transactions, which are essentially card - not - present transactions, rbi had mandated a second factor authentication based on information not present on the cards with effect from august, 2009. this measure enhanced the confidence of customers as evidenced by the spurt in online transactions in the recent past. the second factor of authentication has been mandated for interactive voice response ( ivr ) transactions from bis central bankers ’ speeches february 2011 and for the residual transactions ( mail order telephone order transactions, hotel bookings etc. ) with effect from may 2012. rbi has also mandated issue of online alerts to customers for all card transactions irrespective of the value of the transaction or the channel used. this measure will at least help a customer to remedial action to prevent further misuse of his card. let me now turn to my last question. 5. where do i wish to see the indian payment system five years hence? let me start with the milestones we have set in the payment systems vision document ( 2009 – 2012 ). the list includes : ( i ) implementing a new and feature rich rtgs system ( ii ) a domestic card scheme for the country ( iii ) redesigning ecs to function as a true automated clearing house ( ach ) for bulk transactions we are on track to achieving the milestones. what next? first we need to ensure the transition from cash dominant economy to predominantly noncash dominant economy. further, non cash transactions should be predominantly in electronic mode. second payment systems need to reach out to unbanked population. payment system should achieve a certain degree