Financial Inclusion and Payment Systems
A grim warning for the people of India, by Sarbajit Roy, Convenor "FIPS FORUM", and National Convenor "INDIA AGAINST CORRUPTION" circulated on the occasion of the 2nd. FIPS FORUM Conference on 25 Jan 2014 at Taj Mahal Hotel, Mumbai.....
Payment and settlement systems play a crucial role in any economy, since the money and security transfers are executed by different inter-linked economic agents. In this context, maximizing the dynamics of the real economic flow needs an efficient payment system thus minimizing liquidity requirements. Furthermore, FI measures contribute to expose areas of risk to strengthen the financial system's stability. It is trite to say that financial inclusion mechanisms must be complemented with equally deep legal, operative and technological reforms that will reinforce sovereign payment systems for India. Without these supportive mechanisms and institutions, establishment of any payment and settlement framework simply cannot create the conducive environment for financial inclusion in India.
The speculator's agenda is clear, by digitizing the flow of money, Government of India is to lead the strategic shift from the present regime of high dependence on a parallel cash economy (which has always protected India from their machinations) to an electronic system whereby "money" can be created and extinguished at the press of their (foreign controlled) button.
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