With corporations taking advantage of the opportunity to raise funds directly in a larger market due to the new single currency, we are now moving towards a better balanced two-pillar-system. At the same time, we have seen advances in the consolidation of the German banking sector. This is both a notable and an important development.
The recommendations of the Mor Committee relating to Financial Inclusion like allowing NBFCs to work as BCs,  2  BIS central bankers’ speeches  removing distance criteria of 30 kms for BCs, single proof of address either permanent or current for KYC compliance have already been implemented. Further, the draft guidelines for licensing of payment and small banks have been issued.