A broad overview, from the Indian perspective, of the factors underlying the credit market crisis in the west, the implications of the crisis for the financial sector, lessons learnt from it, the various suggestions made at different fora for pre-empting the recurrence of such events, the Indian...

The lecture is about the payment system in India, which is an important element of the financial sector infrastructure. The lecture also shows the evolution and objectives of the Indian payment system – as a public good, various milestones crossed by us in the past few decades, the major...