While on the one hand technological innovation and FinTech based delivery of  financial services and products further the objective of improving access of financial products to the members of public, on the other, they push the regulator to recalibrate regulatory interventions to achieve the objective of consumer protection and financial stability.
The Treasury Mobile Direct (TMD), which was rolled out in December 2015, offers a channel to access small denomination government securities through the mobile phone. The TMD has improved the efficiency of the existing domestic debt issuance operations, while also increasing retail investors’ participation in the primary auctions for government securities.