with the impact of this global shock in the form of various policy responses in primary and secondary markets would be informative. i think the session on “ global developments and its impact on public debt management of small emerging market economies ” would elaborate the impact on emerging economies more succinctly. 10. another challenge faced by emdes during the recent global crisis and subsequent sovereign debt crisis was maintaining the fine balance between price stability, debt sustainability, and financial stability. this has also been phrased as “ new trilemma ” by our former governor dr. d. subba rao. policies pursuing these three objectives are intertwined in several ways and impact other objectives often in unintended manner. it may be underlined that interaction and impact of these policies, however, may be different during crisis periods from normal periods. there could be two way impact of the policies pursuing these objectives, e. g., policy aimed at price stability may adversely impact financial stability and debt sustainability and vice versa. to elaborate further, increase in interest rates to bring down inflation and ensure price stability may impact debt sustainability / financial stability adversely. on the other hand, the policies pursued for debt sustainability, such as, monetisation by the central bank and write - offs, may be detrimental to price / financial stability. such potential conflict does not imply that these objectives cannot be balanced bis central bankers ’ speeches simultaneously. to add another dimension, policies pursuing the above three objectives may also impact the growth objective and interplay these objectives could be called as “ new quadrilemma ”. for example, the debt consolidation pursued during slowdown phase may turn fiscal policy pro - cyclical impacting growth adversely. hence, it is imperative that proper balance is struck among these objectives through optimal policy and institutional choices. the indian experience 11. coming specifically to the indian context, i would like to mention that the impact of the global financial crisis also traversed to india. fiscal stimulus measures were undertaken to mitigate such impact and, accordingly, the government market borrowing increased steeply ( i. e. about 83 per cent higher market borrowings over the budget estimates of 2008 – 09 and about 65 per cent higher in 2009 – 10 over the previous year ). at the same time, the financial markets became highly fragile and turbulent, reflecting an elevated interconnectedness and global integration. the liquidity in the system had dried up due to large capital flow reversals on account of deleveraging by foreign investors from emdes

npci over the years has operated various retail payment systems viz. imps, upi - including bhim, national unified ussd platform ( nuup ) for mobile payments, rupay, nach, aadhaar based aeps, including aadhaar pay, apbs, bbps, netc, etc., some of which are available for use on a 24x7 basis. in all the payment systems the main role of npci has been to offer switching services and the attendant clearing and settlement facilities. this has involved creating technology platforms, setting up standards, framing procedural guidelines, creating risk management structure, etc. which, in a way has changed the retail payments scenario of the country. thus initial expectations of the reserve bank, have been largely fulfilled. retail payment systems : the rise of india in the global map 4. india has been always been a country which has fostered innovation and development in the area of payment and settlement systems. the past keynote address by shri b. p. kanungo, deputy governor, reserve bank of india, at the npci national payments excellence awards function, mumbai, on may 29, 2018. inputs received from the department of payment & settlement systems are acknowledged. decade has witnessed the blossoming of a myriad of payment systems, all for the convenience of the common man. 5. for a country which has a large dependence on cash, the only major payment system until the 90s was the cheque clearing system. we still process over 90 million cheques per month. this is important as cheques are also non - cash transactions and are often not given due importance. this system was also unique in the sense that there were more than 1000 clearing houses in the country – a big number by any standard. the initial steps towards the change in the payment systems was the mechanisation of the clearing houses managed by the reserve bank in the late eighties by the introduction of the micr technology for cheque processing. this not only ushered in computerisation of clearing, but also sowed the seeds for the digitisation of payments in the years to come. the initial steps towards electronic products were all set up by the reserve bank and once the level of maturity was reached, the market was allowed to develop and thus came about the emergence of interoperable atms. the nfs has proven that in a large country like india, networked atms can function very well and that costs are shared by competing entities as well. today,