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Saturday, May 31, 2008

"Rearrange the world to fit my constraints"

Vijay Mahajan of BASIX [link] has an article in Financial Express inspired by RBI's efforts at preventing business correspondents (BCs) from taking banking services to people who are not within 15 km of an existing bank branch. (If people are already near a bank branch, they don't need BCs!) In it, he says:

Regulatory reputation and supervisory convenience is more important to RBI than financial inclusion.

This reminded me of a sentence from the Percy Mistry report (para 20, page 195, from the recommendations chapter):

In the view of the HPEC, regulatory arrangements and architecture should be rearranged to meet the market's needs; rather than having the market rearranged in order to meet the demands of regulatory convenience.

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