The oversight & development section was formed in 2012, to manage the oversight over entire payment systems landscape in the country to ensure that payment system services are delivered in a safe, efficient and robust manner. In addition, undertake broad based analytical work to support medium-term policy or strategic initiatives related to the management of CBO payment systems. The section aids in the preparation of reporting formats to be submitted by the participants of the various payment systems, analysing and scrutinising the reports, monitoring and analysing developments through the data submitted to help identify risks for the safety and efficiency of payment systems. The importance of the oversight function is being realised with the formation of an oversight division with more resources soon. Moreover, the section is also responsible for all the matters related to the issuance of regulations and policies for payment systems drawing power from the Banking law, and the National Payment System Law.