Central banks have to ensure that bank managements and the financial sector in general serve the masses, and not merely the elite or the financially active. In the ultimate analysis, central banks are trustees, agents to look after the interests of the masses. References Arcand, Jean-Louis, Enrico Berkes and Ugo Panizza (2012) “Too Much Finance?” International Monetary Fund, WP/12/161. June. www.imf.org/external/pubs/ft/wp/2012/wp12161.pdf.
Balachandran, G (1988): The Reserve Bank of India 1951–1967 (Volume 2), Mumbai: Reserve Bank of India – Oxford University Press. Bernanke, Ben S. (2009): “Financial Innovation and Consumer Protection”, Speech at the Federal Reserve System’s Sixth Biennial Community Affairs Research Conference, Washington, D.C. on April 17, 2009, available at http://www.federalreserve.gov/newsevents/speech/ bernanke20090417a.htm.