During the last one year, based on the assessment of events which had the potential to pose a threat to the financial stability, the Reserve Bank has reorganised its regulatory and supervisory functions with an objective of establishing a holistic approach to regulation and supervision. The unified approach is aimed at addressing the growing size, complexities, and inter-connectedness amongst banks and NBFCs.
It may simply be a matter of time. This brings me to my second factor. A more fundamental transformation of business models along the lines of digitisation is typically more difficult in periods of weak demand, such as after the great financial crisis. New technologies often come with large fixed costs or may even cannibalise the way businesses operate today.