Payment and Settlement Systems - Vision 2009-12 - Part 1

Payment and Settlement Systems  - Vision 2009-12

Annual Policy Statement for the Year 2010-11

Part 1

	Policy Stance	What is there in it
1	Membership to the Committee on Payment and Settlement Systems	·        India was included as one among 9 other countries for The Committee on Payment and Settlement Systems (CPSS), constituted under the aegis of the Bank for International Settlements (BIS) ·        The Reserve Bank is also represented on three Working Groups of the CPSS
	Why is this required?	How it will impact?
	·        This will aid in developing a robust payments settlement system, which will benefit the economy as well as the common man. ·	·        Please visit my earlier post on the CPSS membership ·        http://prashantnepayments.blogspot.com/search/label/CPSS ·        This will enable our country, to be part of the latest developments in ePayments. ·        At the same time, the experience-sharing with old and new members, will aid the Indian ePayments Players, to avoid the pit-falls, for a smooth ePayments ride.

Quoted from Investopedia

 

Committee On Payment And Settlement Systems - CPSS

What Does Committee On Payment And Settlement Systems - CPSS Mean?
A committee made up of the central banks of G10 countries that monitors developments in payment, settlement and clearing systems in an attempt to contribute to efficient payment and settlement systems, and build strong market infrastructure. The CPSS was created in 1990, and its secretariat is hosted by the Bank for International Settlements.

Investopedia explains Committee On Payment And Settlement Systems - CPSS
The Committee on Payment and Settlement Systems undertakes its work through specific studies by working groups as required, and publishes reports on its findings. The committee also extends its work outside of the G10 countries by creating relationships with the central banks in many emerging market economies.

Unquoted

Tit-Bits Committee on Payment and Settlement Systems broadens its membership

Committee on Payment and Settlement Systems broadens its membership

ON 24^th July, 2009, Reserve Bank of India India, joined the select club of Committee on Payment and Settlement Systems (CPSS).

CPSS is part of BIS (Bank for International Settlements)

The above step will enable our country, to be part of the latest developments in ePayments. At the same time, the experience-sharing with old and new members, will aid the Indian ePayments Players, to avoid the pit-falls, for a smooth ePayments ride.

New Members which joined CPSS on 24^th July, 2009 are the central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea.

With its newest members, the CPSS now consists of representatives from Australia, Belgium, Brazil, Canada, China, the European Central Bank, France, Germany, Hong Kong SAR, India, Italy, Japan, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, the United Kingdom and the United States.

The expansion will enhance the Committee’s ability to contribute to financial stability through improvements to the global payments and settlement infrastructure.

The expansion will also help the Committee keep oversight practices and standards in line with market developments and with increasing interdependencies among financial market infrastructures.

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About the Committee on Payment and Settlement Systems

The CPSS serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes. The chairman of the Committee is William C Dudley, President of the Federal Reserve Bank of New York. The CPSS secretariat is hosted by the BIS.

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The ‘Red Book’, published by CPSS can said to be the most authoritative annual publication that provides data on payments and payment systems in a large set of industrial countries.