•  Board approved Financial Inclusion Plans (FIPs) of banks for 3 years, starting April 2010 are being implemented, with close monitoring by RBI. •  Roadmap to cover villages with population above 2000 by March 2012 was prepared and successfully implemented. Process of ensuring coverage of villages with population below 2000 is underway.
As we are now reminded, market failures happen at a painful cost to the displaced and that best international practices will mitigate domestic risks only if the supervisory framework evolves with market dynamics. Moving forward, I believe that the need is not necessarily for more complex and rigorous new regulations but for greater accountability.