Crisis and regulatory policy  Ladies and gentlemen, the crisis has laid bare flaws in the regulatory framework of monetary union. However, it would be wrong to conclude that we have to build an entirely new framework and give up the tried and tested regulatory policy principle.
The banks would have to evolve specific strategies to expand the outreach of their services in order to promote financial inclusion. One of the ways in which this can be achieved in a cost-effective manner is through forging linkages with  BIS Review 83/2005  5  microfinance institutions and local communities. Banks should give wide publicity to the facility of no frills account.