mode with enhancing efficiency in terms of reduced waiting time at toll plazas. the national automated clearing house ( nach ) system has also facilitated government direct benefit transfers ( dbt ) payments digitally and eliminating leakages in the system. the smooth release of dbt benefits by the prime minister to 8. 34 crore farmers under the pm - kisan scheme is a testimony to the reliance and deliverability of our payment systems. 6. we have taken steps for internationalisation of our payment systems and cross border linkage of fast payment systems of india and singapore i. e. upi - paynow. this linkage is in addition to the qr code based and upi enabled p2m payments already 1 / 2 bis - central bankers'speeches happening in bhutan, singapore and uae. recently, we also enabled the visitors from g20 counties to be onboarded to upi without having a bank account in india. through this initiative, the g20 delegates had a first - hand experience of making merchant payments seamlessly through the upi, during their stay in india. 7. the mission " har payment digital " is aimed at reinforcing the ease and convenience of digital payments and facilitate onboarding of new consumers into the digital fold. various campaigns highlighting the digital payment channels available are being planned by the banks and non - bank payment system operators. this will further encourage and support the adoption of digital payments in the country. i am also happy to note that our regional offices will be taking up jan bhagidari activities to promote the acceptance and use of digital payments under the g20 theme of promoting digital public infrastructure during indian presidency. 8. the message of " digital payment apnao, auron ko bhi sikhao " – " adopt digital payments and also teach others " – under the mission har payment digital – is very relevant and expected to create greater awareness and usage among the people. 9. once consumers are onboarded to the digital payments'ecosystem, its advantages – availability, convenience, speed and safety – would ensure customer satisfaction and lead to furthering digital payments. the message is in sync with the payments vision 2025 of the rbi, i. e. " e - payments for everyone, everywhere, everytime ". significantly, inclusion has been identified as one of the anchors under the vision and various activities proposed now will help facilitate the same. 10. we have also decided to initiate a 75 digital villages programme through adoption of 75 villages and involvement of

. in addition to the communication which generally happens through official channels, reserve bank undertakes structured interactions to put forth its point of view and elicit market participants ’ response. for example, pre - monetary policy meetings, bi - monthly meetings with fimmda and monthly meetings with pdai provide opportunity for such interactions. all of us have gained a lot of insights from such meetings. the consultations between reserve bank and the fimmda on various issues of policy have not only helped us in understanding the point of view of the participants but have also led to giving greater responsibility on fimmda as a market body. 48. today, apart from coming out with price valuations for g - sec and non - g - sec securities such as corporate bonds, fimmda has been given added responsibilities such as accrediting brokers in the otc interest rate derivatives market, publishing daily cds curve for valuation of open position, constitution and working of the determination committee, etc. fimmda has played a pivotal role in several other areas, such as, documentation of cds, repos, commercial paper ( cp ) and certificates of deposit ( cds ), and codifying market practices through “ handbook of market practices ”. fimmda has been proactive and started review of the efficacy of benchmarks like mibor in wake of the libor controversy. likewise, pdai has also been playing a very important role in making our g - sec market more liquid and in the successful completion of the government ’ s market borrowing programme every year. the activities of fimmda and its role in the underlying market clearly indicate its important self - regulatory role in the concerned markets. in line with, the committee on financial benchmarks recommendations on governance, i would like to urge fimmda to strengthen their technological and administrative capabilities to discharge the challenging responsibilities. i would also urge fimmda and pdai to continuously engage with the regulator in a proactive manner drawing upon intensive consultations with their members, other important stakeholders ( e. g., the iba, corporates, retail investors ) and crosscountry developments and make constructive suggestions for improvement of the markets and also appreciate the concerns of regulators and communicate them to their members appropriately. 49. in addition to regular interactions with market bodies, reserve bank has consistently followed a consultative process while framing guidelines. draft regulations are placed on the reserve bank ’ s website for public comments ; and expertise of market participants is regularly sourced by making them members in various