Fourth, there is evidence that very high expectations have been created for a positive outcome for the programme of financial inclusion. It is being described as a win-win game. National targets that appear to be quite ambitious have been adopted. To what extent would the central banks face reputational risks in the event of the expectations not being met?
Fifth, there is increasing recognition that there are limits to what monetary policy can achieve, and there is acute awareness of complexities of regulation of financial sector. In such an environment, how far could a central bank deliver some of the laudable objectives of financial inclusion, such as poverty alleviation, reduction of inequality and environmental improvements?