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RBA flags new bank body

THE Reserve Bank of Australia has called for a new private sector body to oversee and guide the country’s banking industry payments system, with some estimates indicating banks’ unregulated profits in this sector total $350 million a year. The RBA’s assistant governor, Philip Lowe, recently flagged the need for a central body with a mandate "that could include promotion of various payment systems, the facilitation of access, and provision of leadership on some technology issues".

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