Thank you very much for partnering with us in the national agenda of financial literacy. I also thank Mr. Onno Ruhl, India Country Director, the World Bank for his opening remarks highlighting the importance of financial education and the credible work done by the World Bank in this area of financial inclusion.
What is relevant is that this fear stems from knowing that banks apply the incurred loss-model. The impairment requirements in the current standard, IAS 39, are just not sufficiently forward-looking. This is not just their perception; it’s mine too.