Hence, much remains to be done with regard to research and analytical work to follow up on the progress made so far, identify remaining frictions, and assess potential benefits of future policy changes. A good data infrastructure is a core element of such an evaluation agenda.
In laying out the need for consumer protection, raising the issue of whether products sold are suitable for the target customer, and putting the onus on the financial institution to determine suitability, the report has forced regulators to review their consumer protection frameworks. We at the RBI are indeed engaged in such an exercise, informed by the valuable guidelines in the FSLRC report.