We are already seeing important general benefits from these new arrangements. They have resulted in more high-level attention to risk management systems and the system descriptions provided to us. Chief executives now need to see those manuals, which were previously often regarded as an administrative inconvenience for officers handling liaison with the RBA.
In a fiercely competitive market, there may be some temptation to slacken the loan scrutiny procedures and this needs to be severely checked. Having delineated the broad contours of retail banking in India let me now come to its opportunities and challenges. Opportunities and challenges of retail banking in India Retail banking has immense opportunities in a growing economy like India.