A ‘regulatory lab’ for financial inclusion

A ‘regulatory lab’ for financial inclusion

Regulators must move away from the drawn out consultation and white paper process. Photo: Bloomberg In a recent report, the Reserve Bank of India’s (RBI) household finance committee found the average Indian household keeps just 5% of its wealth in financial assets. Most is held in real estate and gold. When borrowing, Indian households are nearly as avoidant of formal financial services. In times of emergency, half of households turn to family, friends and moneylenders. The July 2017 report, “Indian Household Finance”, found many barriers to participating in the formal financial system. While some of these barriers are cultural, […]