We have to reach everyone with Financial services as per the Prime Minister’s vision of the Jan DhanYojana and extend the highest degree of Consumer protection to all users of financial services but very specially, for the vulnerable poor. Profit is certainly essential and not an ugly word at all.
The reason is that unlike assets such as equity, foreign currencies, commodities which are “homogeneous”, government bonds, except , of course, for their same credit risk, are, given their differing coupons and maturities, “heterogeneous” and, therefore, for the cogent arguments adduced above, “physically-settled” contracts will make for seamless transmission/conduction of liquidity from the most liquid benchmark bonds to the relatively less liquid bonds in the deliverable basked and thus impart, and permeate, “much-needed” homogeneity in the entire deliverable basket of government bonds!