While in the long run it will converge, in the short run, the dilemma and the tradeoff underlying the debate between financial access and financial consumer protection may be very real to the Governments and policy makers. After all, developed countries have both high levels of access to formal financial sector, and relatively elaborate financial consumer protection measures after four decades of evolution.
The financial consumer protection regimes in countries like India are still evolving. BCSBI needs to persuade banks to achieve convergence in an effective manner by adopting a voluntary and self-regulatory approach. It will be a great service to the society if BCSBI, banks and all of us collectively are able to achieve this. Thank you, Ladies and Gentlemen. BIS central bankers’ speeches  7