Major steps have been taken by Reserve Bank of India (RBI), Government of India and banks, to enable financial inclusion of weaker sections of the society. IT is the differential factor in this regard. The game changers in the realm of financial inclusion i.e.
Deference to home authorities should continue to be the norm in those areas where rules are fully equivalent. However, there are certain areas in which EU rules provide more protection than those in other jurisdictions, and in these areas the Commission is right to suggest that reliance on home authorities may not be enough, and that more direct involvement by EU authorities is required.