The twin objectives of financial stability and financial inclusion are arguably two sides of a coin but it is imperative that a robust risk-mitigating framework which exploits their complementarities while minimising the conflicts is adopted to ensure that they do not work at cross purposes. 18  12  Sen, Amartya, (2000): “Development as Freedom”, Anchor Books, New York, 2000. BIS central bankers’ speeches
Regulatory initiatives, especially those intended for customer convenience or safety, often face opposition. Resistance to change is couched under the excuse of customer convenience. There was a strong push-back when the Reserve Bank introduced 2FA, about a decade back, although everyone cites it today as a unique success story in India’s payment evolution.