BANKING

&
INSURANCE LAW

- Khyati Nayak
 CONTENT OUTLINE:
MODULE 1

 Introduction to the different Payment Methods used in Banking System and mode of transactions-

 Topic Details:

 Various types of Payment System and Instruments both Traditional and Digital Methods.

 Reference Reading:
 http://www.rbf.gov.fj/docs2/Payment%20Systems.pdf

 https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/PSSBOOKLET93D3AEFDEAF14044BC1BB36662C41A8C.PDF

MODULE 11

 Emerging Area’s in Banking

 Topic Details:

 Contemporary developments in the Banking Sector

 Payment Banks in India, Digital Wallets

PAYMENT AND SETTLEMENT
SYSTEMS
 THE TALE OF PAYMENT SYSTEM
The need for payments and settlements is as old as the need for goods and services. The earliest known Payment
and Settlement System (PSS) was the barter system facilitating exchange through goods and / or services.

With the concept of money, people progressed to settling their economic transactions using currency notes and
coins.

The evolution of the banking system and advent of bank accounts led to an easy and safe method for making
payments by transfer of money through bank accounts.

This transaction required a payment instrument, and cheque emerged as the primary instrument for payment
transactions. Thus, started the tale of payment systems.
 OVERVIEW OF PAYMENT SYSTEMS IN INDIA
An efficient payment system promotes market efficiency and reduces the cost of exchanging goods
and services. By the same token, its failure can result in loss of confidence in the financial system and in
the very use of money.

In India, the oversight of the payment systems is entrusted to the Reserve Bank of India (RBI) where the
Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), chaired by the
Governor, RBI, spearheads this responsibility.

The creation of a new department viz., Department of Payment and Settlement Systems (DPSS) by RBI
in the year 2005 to focus exclusively on payment and settlement systems, and subsequent legislation
of the Payment and Settlement Systems Act, 2007 (PSS Act) set the stage for a new era in the history of
payment systems in the country.
 DEPARTMENT OF PAYMENT AND SETTLEMENT
SYSTEMS (DPSS)
The central bank of any country is usually the driving force in the development of national payment systems. The Reserve Bank of India
as the central bank of India has been playing this developmental role and has taken several initiatives for Safe, Secure, Sound,
Efficient, Accessible and Authorized payment systems in the country.

 The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of the Central
Board of the Reserve Bank of India is the highest policy making body on payment systems in the country.

 The BPSS is empowered for authorizing, prescribing policies and setting standards for regulating and supervising all the
payment and settlement systems in the country.

 The Department of Payment and Settlement Systems of the Reserve Bank of India serves as the Secretariat to the Board and
executes its directions.

In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was
legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed thereunder
came into effect from August 12, 2008.
 PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
A sound and appropriate legal framework is a necessary requirement for efficient payment systems.

Considering the importance of regulation for the development and orderly functioning of not only financial
services but also payment systems, the Payment and Settlement Systems Act was legislated in 2007.

National Payment Corporation of India (NPCI) – an umberella organisation was established in 2008
under the act to regulate and create a robust payment and settlement system.

India is one of the few countries that has a specific payment systems law to "..provide for the
regulation and supervision of payment systems in India and to designate RBI as the authority for the
purpose and for matters connected therewith or incidental thereto."

RBI's scope for regulation extends to the whole gamut of payment systems and instruments as also
services provided by banks and non-banks.
 Payment System Operators (PSOs)
In terms of Section 4 of PSS Act, no person other than RBI can commence or operate any payment system in India unless authorized by it. Any person desirous of commencing or operating a
payment system needs to apply for authorization under the PSS Act, 2007 (Section 5). The application for authorization has to be made as per Form A under Regulation 3(2) of the Payment
and Settlement Systems Regulations, 2008. The application is required to be duly filled up and submitted with the stipulated documents to the Reserve Bank. All entities operating payment
systems or desirous of setting up such systems are required to apply for authorization under the Act. Any unauthorized operation of a payment system would be an offence under the PSS
Act, 2007 and accordingly liable for penal action under that Act.
The Reserve Bank has since authorised various types of payment system operators, viz. financial market infrastructure (enabling securities, triparty repos, forex trades, Rupee / forex
derivatives settlements, etc.), retail payments organisation (operating ATM switch, fast payment systems, cheque clearing, automated clearing, Aadhaar-based payments, toll collections,
etc.), card payment networks, cross-border inbound money transfer entities, Automated Teller Machine (ATM) networks, white label ATM operators, Prepaid Payment Instrument
(PPI) issuers, instant money transfer service provider, Trade Receivables Discounting System (TReDS) operators, Bharat Bill Payment Central Unit (BBPCU), Bharat Bill Payment
Operating Units (BBPOUs), etc.

RBI has since authorized various Payment System Operators (PSOs) to operate payment systems in the country such as :
 CCIL - The Clearing Corporation of India Limited- (financial market infrastructure - central counterparty),
 NPCI (retail payments organization),
 Card payment networks,
 cross-border inbound money transfers entities,
 ATM networks,
 PPI issuers,
 Instant Money Transfer operators,
 TReDS platform providers and
 Bharat Bill Payment Operating Units (BBPOUs).

PSS Act and the Payment and Settlement Systems Regulations, 2008 framed thereunder, provide necessary statutory backing to the RBI to exercise oversight over the payment and settlement systems in the country.
 COMPONENTS OF PAYMENT AND SETTLEMENT SYSTEMS
The Bank for International Settlements' (BIS) Committee on Payments and Market Infrastructures (CPMI) defines payment systems transactions to include the total
transactions undertaken by all payment systems in the country.

Considering this definition, payment systems transactions in India would comprise of transactions processed and settled through :

 (a) Paper Clearing [Magnetic Ink Character Recognition (MICR), Non-MICR, Cheque Truncation System (CTS), Express Cheque Clearing System
(ECCS)];

 (b) Bulk electronic transaction processing systems like Electronic Clearing Service (ECS), with its variants Regional ECS and National ECS;
National Automated Clearing House (NACH) - Debit and Credit;

 (c) Card Payments (Debit, Credit and Electronic);

 (d) Large Value [Real Time Gross Settlement (RTGS)];

 (e) Retail [National Electronic Funds Transfer (NEFT)];

 (f) Fast Payments [Immediate Payment Service (IMPS), Unified Payments Interface (UPI)]; and

 (g) e-Money [Prepaid Payment Instrument (PPI) Cards and Wallets).

Except (a) above and cash transactions, all other payments constitute digital transactions. In addition to the above payment and settlement systems, RBI has also institutionalised a well-established clearing and settlement system
for Government Securities.
 DIGITAL REVOLUTION
&
ELECTRONIC PAYMENT SYSTEMS
The digital revolution is taking the world by storm and no other area has witnessed a metamorphosis as has been seen in the payment
and settlement arena, resulting in a myriad of payment options for the consumer.

In the last 10 years, India has witnessed an exponential growth in payment systems and a significant shift in payment preference.

The shift in payment preference in the last 10 years is evidenced by the fact that the volume of paper clearing, which comprised of 60%
of total retail payments in the financial year (FY) 2010-11, shrunk to 3% in the FY 2019-20.

This striking shift in payment preference has been due to the creation of robust electronic payment systems such as RTGS, NEFT
and ECS that has facilitated seamless real time or near real time fund transfers.

The convenience of these payment systems ensured rapid acceptance as they provided consumers an alternative to the use of cash and
paper for making payments. The facilitation of non-bank FinTech firms in the payment ecosystem as PPI issuers, BBPOUs and third-party
application providers in the UPI platform have furthered the adoption of digital payments in the country.
Source : Payment and Settlement Systems in India (RBI)
(https://rbidocs.rbi.org.in)
 VARIOUS TYPES OF Paper-based Payment Systems
Digital Payment Systems
PAYMENT SYSTEM AND INSTRUMENTS
 PAPER-BASED PAYMENT SYSTEMS
(PAPER CLEARING)

The Banking Regulation Act, 1949 defines "banking" as the accepting, for the purpose of lending or investment,
of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft,
order or otherwise.

Payment by means of cheque is, therefore, embedded in the very definition of banking.

Paper-based payment systems historically occupy an important place in any country's payment landscape as initially,
apart from cash, cheque payment was the only available alternative.

'Clearing' of cheques required a centralised payment and settlement system, which facilitated payments made
through cheques by netting through participating member banks, without going through the tedious task of individually
settling each and every cheque/instrument.

 Magnetic Ink Character Recognition (MICR)

 Cheque Truncation System (CTS)
 MAGNETIC INK CHARACTER RECOGNITION (MICR)
-(DEFUNCT)
The cheque clearing systems have evolved from manual clearing system to MICR clearing systems in mid 1980s, which
brought in automation, standardization and efficiency in cheque clearing process.

MICR instruments with Magnetic Media Based Clearing Systems (MMBCS) technology facilitated carrying out of 'clearing'
activity electronically, wherein clearing data was processed electronically with physical cheques exchanged alongside.

The MICR line is the sequence of numbers and characters that appear at the bottom of a check. It consists of three number
sets: the bank routing number, the account number and the check number. The order of number sets is country-specific. These
three sets of numbers act as unique identifiers for the check and the person who signs it.

To further ease up the process, High Value Clearing (HVC) was introduced during the eighties for clearing cheques of value of
Rupees one lakh and above. This clearing was available at select large centers in the country till it was discontinued in the year
2009.

Following implementation of Core Banking Systems (CBS) in banks, Speed Clearing was launched in the year 2008, for local
clearance of outstation cheque drawn on core-banking enabled branches of banks, which drastically reduced the turnaround time
for clearing of outstation cheque.
 CHEQUE TRUNCATION SYSTEM (CTS)
CTS enables use of the image of cheque for payment processing thereby eliminating the need for physical movement of cheques, with concomitant benefits of reduced turnaround time for clearing

of cheques, particularly more so in case of outstation cheques.

During the year 2008, RBI conducted a pilot study in New Delhi on the possibility of introducing CTS. Based on the learnings and outcomes of this pilot study, in February 2010, CTS-2010 standards

were framed to enhance and standardise the security features on cheque forms.

Mandatory features were specified including paper & watermark (at manufacturing stage), void pantograph and bank's logo with UV ink (at printing stage), field placements of a cheque, colours and

clutter-free background, prohibiting alterations / corrections on cheques, pre-printed account number, etc.

In CTS, the presenting bank / collecting bank captures the MICR data and scans the images of the cheque as per CTS specifications and instruments are cleared on the basis of these digitally

signed encrypted images.

To facilitate CTS clearing, amendments were made to the Negotiable Instruments Act, 1881 to legalise electronic movement of cheques, retention of cheque by the presenting banker and placing

the onus of verifying prima facie genuineness of the cheque to be truncated on the bank receiving the payment.

All sixty-six MICR centres operating across the country were subsumed in grid-based CTS clearing and MICR clearing was discontinued with effect from July 2014. As on date, all 1219 non-MICR

clearing houses have been migrated to CTS.

Cheque truncation eliminated the associated cost and time for movement of physical cheques, reduced the time for collection and brought in efficiency to the entire activity of cheque processing.
 DIGITAL PAYMENTS
More digital payment options are now available to consumers. Systems that offer near instant person-to-person retail payments are increasingly available around the world.

1. Electronic Clearing Service (ECS) -(DEFUNCT)

In the mid-eighties and the early-nineties, RBI took various initiatives to bring in technology-based solutions to the banking system. One such initiative introduced in 1990
was the ECS (Credit) scheme for handling bulk and repetitive payment requirements like salary, interest, dividend payments, etc. of corporates and other
institutions.

RBI later introduced an ECS (Debit) scheme to provide a faster method of effecting periodic and repetitive collections of utility payments by companies.

To consolidate the ECS system, RBI introduced the National Electronic Clearing Service (NECS) and the Regional Electronic Clearing Service (RECS).

With introduction of NACH by NPCI, most of the ECS centers migrated to it barring a few locations. The last remaining ECS centres were also fully migrated to NACH
National Automated Clearing House (NACH) by January 31, 2020.

The shift from ECS to NACH was smooth and non-disruptive. With this, the glorious life of ECS and its variants (RECS and NECS) came to an end, after having served the
nation with distinction for 25 years.
2 . National Automated Clearing House (NACH)
NACH is a centralized system operated by NPCI (National Payment Corporation of India). NACH was formed
to consolidate multiple ECS systems running across the country into one centralized system. It operates
both NACH Credit and NACH Debit payment systems.

3. Card (debit and credit) Payments

Card payment is an important payment instrument which has replaced the use of cash at least at retail outlets
and e-commerce sites.

In comparison to credit cards, debit cards are much more popular in India. Some of the reasons for this
exhibited partiality towards debit cards have been identified to be,
 (a) low demand due to Indian households being traditionally oriented towards savings, rather than credit culture;

 (b) supply concerns, especially with majority of the labor force occupied in the unorganized sector and card issuers less keen to
take higher credit risks; and

 (c) the Indian ethos to pay for goods and services on purchase instead of running up credit lines.
4. Contactless Cards

One of the innovations in the card payments ecosystem is the use of contactless technology, which allows cardholders to "Tap and Go". These cards are

becoming increasingly popular.

To provide convenience in use of such cards, RBI permitted relaxation in Additional Factor of Authentication (AFA) in case of Card Present (CP) transactions

using Near Field Communication (NFC)-enabled EMV Chip and PIN cards for small values (up to ` 2,000/-). Transactions beyond this limit can be processed

in contactless mode, but with AFA. This relaxation in AFA is, however, not Payment and Settlement Systems in India (irrespective of transaction value) and

Card Not Present (CNP) transactions, i.e., online transactions. The limit was subsequently revised to ` 5,000/- effective from January 01, 2021.

5. National Common Mobility Card (NCMC)

NCMC was launched in March 2019, as a combo card offering a combination of a Debit / Credit with a prepaid card where the Debit / Credit component would

be used in the online environment whereas the prepaid component would be used in the offline environment, wherever offline payments are permitted.

The offline prepaid transactions would be affected without AFA which was permitted only for the transit payments to begin with, owing to the fast checkout time

required for such transactions. Combo cards, while offering convenience of not having to carry multiple cards in your wallet, raise issues relating to

uncertain regulatory turf because of multiple masters (government, RBI, metro operators, et al) which have to be addressed through coordination.
 6. RuPay Cards
RuPay is a home-grown card payment network which was introduced in the year 2012 through NPCI.

The drive for a less cash economy in the wake of demonetisation in 2016 and issue of RuPay cards for BSBD accounts has increased user
acceptance in the interiors of the country where paying with a card was a novelty just five years back. RuPay has its popular debit card and
its increasingly accepted credit version as well.

Countries that encourage domestic cards have been observed to be faster in moving away from cash.

Though, RuPay started its international foray through its acceptance and issue in Bhutan achieved with the integration of the Bhutan
Financial Switch with NFS. To increase its acceptance around the world, RuPay has tied up with other payment networks like Union Pay
(China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia), in addition to Discover and Diner
Club and has thus made its presence felt across 195 countries across the globe.
 7. Large Value Payment System (LVPS) - Real Time Gross Settlement (RTGS)
Large value systems are the most critical component of the national payment systems as they can generate and transmit disturbances of a systemic nature to the financial sector. Large value payment systems are, therefore,
systemically important FMIs and critical for smooth functioning of the financial system.

India's LVPS, the RTGS system was introduced in March 2004 and is owned and operated by RBI. This was introduced in 2004 and settles all inter-bank payments and customer transactions above ’2 lakh’.

It is an inter-bank transfer system. RTGS is a funds transfer systems where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. RBI act as an intermediary in this transfer.

Why Gross settlement not Net settlement ?

Settlement in "real time" means payment transaction is not subjected to any waiting period. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction.

▪ Once processed, payments are final and irrevocable.

▪ Digital Payment Committee constituted under chairmanship of Nandan Nilekadi made RTGS & NEFT Free.

▪ Timing for RTGS (Customer) – 07:00 AM to 06:00 PM

▪ Working Day (Not on bank holidays) – Even if you do it - money will be deducted from your account but the settlement be done on Monday.
 UPI, IMPS, NEFT & RTGS
UPI IMPS NEFT RTGS

Minimum Limit Rs. 1/- (retail focussed) Rs. 1/- Rs. 1/- Rs. 2 Lac

Maximum Limit Rs. 2 Lac Rs. 2 Lac No Limit No Limit

Operational Timings 24*7 24*7 24*7 07:00 AM to 06:00 PM

(Working days only)

Settlement Time Immediate Immediate 2 Hrs Immediate

Settlement Type Online Online Both Online & Offline Both Online & Offline

Transaction Fee NA Varies bank to bank NA NA

 8. National Electronic Funds Transfer (NEFT)
After success of RTGS, NEFT was started in 2005 for small transactions.

NEFT, as part of the Centralized Payment Systems (CPS), is a retail payment system owned and operated by RBI. At the time of its implementation in November 2005,
NEFT was started with only eight member banks. As at the end of December 2020, NEFT system covers a network of 222 member banks and their 1,70,996 branches.

NEFT system provides for batch settlements at hourly intervals, thus enabling near real-time transfer of funds. Certain other unique features viz. accepting cash for
originating transactions, initiating transfer requests without any minimum or maximum amount limitations, receiving confirmation of the date / time of credit to
the account of the beneficiaries, etc., are available in the system.

▪ There is no floor or ceiling for the amount that can be transferred in a single transaction, because of which NEFT has emerged as a popular hybrid payment system,
with average transaction value of approximately ten lakh rupees.

▪ Digital Payment Committee constituted under chairmanship of Nandan Nilekadi made NEFT Free and available 24*7 round the clock.

▪ Earlier – There use to be 1 hr batch but now settlement is made in batch of half an hour (48 batches).
 I
9. mmediate Payment Service (IMPS)

IMPS is a 24*7 'fast payments' system that was introduced in Nov. 2010 by Smt.
Shayamala Gopinath.

India was the fourth country after South Korea, UK and South Africa to introduce such a
payment system.

The system provides for a robust real time transfer of funds between the remitter and
beneficiary with a deferred net settlement between banks (inter-bank fund transfer).

The system facilitates push transactions (immediate transfer) with a per-transaction limit
of ` 2 lakh’.

IMPS is a multi-channel system that can be accessed using mobile, ATM, internet
banking etc.
 10. Unified Payments Interface (UPI)
UPI is a mobile based, 365x24x7 'fast payment' system wherein users can send and receive
money instantly using a Virtual Payment Address (VPA) set by the user itself. It does not require
you to share your Account number. UPI ID is sufficient.

▪ The unique feature of VPA based transaction is the secure aspect of UPI architecture as it obviates
the need for sharing account or bank details to the remitter.

▪ limit of ` 2 lakh’. – Earlier it was 1 Lakh rupees

▪ It supports person to person (P2P) and person to merchant (P2M) payments and can be used over
smart phone (app based), feature phone (USSD based) and at merchant location (app based).

▪ UPI facilitates immediate money transfer through pull and push payments, merchant payments,
utility bill payments, QR code (scan and pay) based payments, etc.
 11. BHIM & Aadhaar Enabled Payment System (AePS)
Bharat Interface For Money (BHIM) is an app that makes payment simple using UPI. It has got triple security.

i. It allows online interoperable transactions using Aadhaar authentication. Under this system, Aadhaar number is used not only to identify the beneficiary but
also to authenticate transactions.

ii. The biometric based authentication is done by Unique Identification Authority of India (UIDAI) while NPCI does the switching, clearing and settlement of
financial transactions.

iii. Before payment there is also a provision for password authentication.

▪ It is done by just using mobile number by Virtual Payment Address (VPN).

▪ It is currently available in 13 languages.

▪ Limit – 20k per transaction & 40k per day.

▪ AePS is operational since January 2011. The financial services offered through AePS include cash withdrawal, cash deposit, balance enquiry, Aadhaar to Aadhaar
fund transfer. The non-financial transactions include - Demographic Authentication, Best Finger Detection (BFD) and e-KYC.
12. e-Money
e-Money is prepaid value stored electronically, which represents the liability of
the e-money issuer (a bank, an e-money institution or any other entity
authorised or allowed to issue e-money in the local jurisdiction) and which is
denominated in a currency backed by an authority.

In India, eMoney is PPIs (Prepaid Payment Instrument (PPI) Cards and

Wallets) issued as Wallets and Cards. PPIs are instruments that facilitate
purchase of goods and services, remittance facilities, etc., against the
value stored in/on such instruments.

Banks and non-bank entities can issue PPIs in the country after
obtaining necessary approval/authorisation from RBI under the PSS Act.
13. National Unified USSD Platform (NUUP)
 NUUP(Natonal Unifed USSD(UnstructuredSupplementary Services Data) Platorm)

 *99# service launched by NPCI, which works on USSD channel. This service was started in 2014.

 USSD – Unstructured Supplemetary Service Data. - a GSM service that enables a real-time connection between a phone and a software application, typically in the mobile
operator's network. Unlike SMS, USSD is a session-based protocol which allows real-time interaction between the software and the end user.

 *99# - Common number along all telecom service providers.

 Consumer can transect through an interactive display on their mobile screen after registering once. NUUP is a USSD based mobile banking service from NPCI where financial and non financial
transactions are done through mobile phones without internet connection

 Services provided under NUUP: Balance enquiry, Mini-statement, Fund Service using Mobile number and MMID &Account number and IFSC Code, MMID Generation, Know your MMID, Change M-PIN

 The facility is now available in net banking and branch banking also

 MPIN for mobile banking services and NUUP are the same.

 Maximum limit per transacton- Rs.5000/- Maximum limit per day- Rs.5000/-

 Mobile Telephone operator charges would be applicable for availing these services
PAYMENT BANKS IN INDIA
&
DIGITAL WALLETS
 PAYMENT BANKS
Based on the recommendations of the Nachiket Mor Committee, Payments Bank was set up to operate on a smaller scale with minimal credit
risk.

The main objective is to advance financial inclusion by offering banking and financial services to the unbanked and underbanked areas,
helping the migrant labour force, low-income households, small entrepreneurs etc.

They are registered under the Companies Act 2013 but are governed by a host of legislations such as Banking Regulation Act, 1949; RBI Act,
1934; Foreign Exchange Management Act, 1999, Payment and Settlement Systems Act, 2007 and the like.

India currently has Payment Banks namely, Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank
and Jio Payment Bank.

 A payments bank primarily aims to provide secure, technology-driven payment and financial services to small enterprises, low-income
consumers, and the migratory labour workforce.
 The RBI’s payments banks programme aims to improve financial service distribution in the country’s outlying areas.
Features of Payment Banks

● They are differentiated and not universal banks.

● These operate on a smaller scale.
● It needs to have a minimum paid-up capital of Rs. 100,00,00,000.
● Minimum initial contribution of the promoter to the Payment Bank to the paid-up equity capital shall at least be 40% for the first five years from the commencement of its business.

Activities That Can Be Performed By Payment Banks

● Payment banks can take deposits up to Rs. 2,00,000. It can accept demand deposits in the form of savings and current accounts.
● The money received as deposits can be invested in secure government securities only in the form of Statutory Liquidity Ratio (SLR). This must amount to 75% of the demand deposit balance. The
remaining 25% is to be placed as time deposits with other scheduled commercial banks.
● Payments banks will be permitted to make personal payments and receive cross border remittances on the current accounts.
● It can issue debit cards.

Activities That Cannot Be Undertaken By Payment Banks

● Payment banks receive a ‘differentiated’ bank license from the RBI and hence cannot lend.
● Payment banks cannot issue credit cards.
● It cannot accept time deposits or NRI deposits.
● It cannot issue loans.
● It cannot set up subsidiaries to undertake non-banking financial activities.
 E merging Area’s in Banking :

1. Artificial Intelligence

2. Open Banking

3. Hyper-Personalized Banking

4. Blockchain

5. Banking of Things

6. Cybersecurity

7. Immersive Technologies

8. Banking Process Automation

9. Neo-banking

10. Quantum Computing

 - KHYATI NAYAK

THANK YOU Assistant Professor (Law)

KPMSOL, NMIMS, MUMBAI
Email : khyati.nayak@nmims.edu