Further, RBI to be free of responsibilities relating to Public Debt Management, Customer Grievance Redressal relating to banks, and deposit insurance. BIS central bankers’ speeches  13  Why RBI should regulate both banks and non-banks?
There is a vast amount of capitalist culture and infrastructure underpinning market economies that has evolved over generations: laws, conventions, behaviors, and a wide variety of business professions and practices that have no important functions in a centrally planned economy. Centrally planned economic systems, such as that which existed in the Soviet Union, had great difficulty in creating wealth and rising standards of living.