RBI fights plan to strip it of payment powers
Central bank fears move would undermine its ability to regulate currency
The Reserve Bank of India is fighting proposals that could see its oversight of payment systems transferred to an independent regulator.
The RBI published a “dissent note” on October 19, arguing the proposals were both unnecessary and potentially damaging to its wider remit.
Payments regulation currently falls under the central bank’s broader remit to manage the value of currency. The RBI says its monetary policy has an impact on payment and settlement systems, calling such systems “technology
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