GrammLeach-Bliley brought the statute more in line with marketplace changes rather than creating opportunities for entry to new markets. Many view the lack of large mergers across different segments of the industry as an indication that the act has failed to achieve its objectives.
If these MFIs, NBFCs and LABs could achieve this level of penetration with such constraints as they operate today, if such established entities would become Small Finance Banks, with access to low cost deposits, all-India operations and the discipline of banks can cater to much wider unserved, underserved and excluded segments.