mauritian rupees for spending in mauritius. i believe that the flow of tourism between india and mauritius may be enhanced under a suitable exchange system between our two countries. bank of baroda can be called upon to play a prominent role in this respect. the application of a mechanism similar to this one has helped to maintain a steady and growing level of tourism between south africa and mauritius over the years. south african rand banknotes are today freely exchanged by south african travellers in mauritius. i now wish to commend the recent marketing initiatives of bank of baroda to make itself more visible in our banking industry. “ rapid funds2india ”, a service free of cost to the bank ’ s customers in mauritius and india, is a laudable effort towards lower cost of banking services. the bank has made substantial investment in it and its entire banking operations have now migrated to state - of - the - art it platform enabling global connectivity. it is a fact that technological innovations have today significantly brought down administrative costs. i strongly believe that such reductions in costs should be passed on to customers through lower fees and charges. in today ’ s world of financial globalization, banks can no longer limit themselves to geographical areas. i understand that bank of baroda ranks among the top 400 banks worldwide and they are not alone. two other indian banks namely, the state bank of india and icici are also performing very well. i again congratulate the bank of baroda on its 100th foundation day and wish it another 100 years of success. thank you for your attention.

, for example in relation to standards. standards themselves cut across many areas of payments, including messaging, device and security standards. their design and application can have significant implications for efficiency and for innovation. the increasingly global nature of commerce suggests that adoption of internationally compatible standards will be very important for maintaining a world class payments system. electronic purse systems – that is, general purpose, prepaid, and typically contactless cards like oyster in london and octopus in hong kong. where these have been successful, there tends to be significant interdependency with electronic transport ticketing systems, which have been slow to develop here. the question once again is whether there is a significant impediment to development of these systems in australia, given the already high use of payment cards. security. our survey results suggest that concerns about fraud are impeding the take - up of online payments. this may also become an issue for mobile payments. a question for the strategic review is whether there is a need for increased coordination and co - operation on fraud issues. finally it ’ s worth saying that, more important than any of these individual issues is the overarching environment for innovation. i made the distinction at the start between proprietary and system - wide innovations. our focus in this review is very much on the second one of those. this is the area that needs the most careful attention from a publicinterest perspective, because it requires a degree of co - operation amongst industry competitors that might not otherwise happen efficiently. it also requires that the interests of end - users and non - incumbents be taken into account. the next stage of the review will be seeking views on those issues, whether there are better ways to address them and whether there are new areas where a co - operative approach is needed. an inevitable component of that is what role the reserve bank should play, given that it has often stepped in, in one way or another, when a solely industry - based approach has not proved feasible. conclusion what i ’ ve outlined today is a big agenda, and i expect it will keep us very busy in the time ahead. as i said at the start, this review is very much a co - operative effort. i and my staff appreciate the assistance we ’ ve had already, both from industry and from payment users. and we look forward to continuing to work with you to promote best - practice innovation in the australian payments system. bis central bankers ’ speeches